eLOT Comments On Kyl-Goodlatte Bill Prospects
"NORWALK, Conn.--(BUSINESS WIRE)--May 18, 2001--eLOT, Inc. (NASDAQ:ELOT), a provider of web-based retailing and Internet marketing services to governmental lotteries, today said it is encouraged by recent developments regarding Internet gaming regulation.
A New York Times article dated May 17, 2001 stated that major Las Vegas casinos no longer support a ban on Internet gaming. In addition, Senator Jon Kyl, sponsor of the Internet Gambling Prohibition Act that failed to pass in the last session of Congress, believes the window to enact legislation prohibiting Internet gaming "may have closed". In the event a new version of the bill is reintroduced, Representative Robert Goodlatte, co-sponsor of last year's legislation, stated in this front-page story that state lotteries could be an ally. Consequently, any future versions of the legislation could potentially have an exemption for state lotteries.
Edwin McGuinn, eLOT's President and CEO, commented, "eLOT has been working hard to address the legal and political issues facing Internet gaming and we are encouraged by the policy change among the Las Vegas casinos. It has always been eLOT's position that regulating Internet gaming instead of banning it would be beneficial to both the government and consumers. eLOT believes the intrastate distribution of lottery tickets over the Internet would significantly increase annual lottery proceeds, which support education, health care, and other public programs."
Mr. McGuinn continued, "Our shareholders should be gratified by the apparent lifting of this legislative cloud which has hung over their company. We still believe authorized Internet sales of state lottery tickets remain a future event but at least now eLOT can direct financial resources to enhancing business prospects rather than to multimillion dollar defensive lobbying efforts."
About eLOT, Inc.
eLOT, Inc. is committed to leading the governmental lottery industry into the e-commerce market. The Company's subsidiary, eLottery, Inc., is a leading web-based retailer of governmental lottery tickets and has developed, installed and operated systems that have processed e-commerce lottery ticket sales and transactions. It has operated Internet, Intranet, telephone, communications, accounting, banking, database and other applications and services that can facilitate the electronic sale of new and existing lottery products worldwide. eLottery is also an application service provider of Internet marketing and advertising technology for lotteries. The Company's IMARCS (Internet Marketing Analysis Research and Communications System) database marketing solution enables government lotteries to attract, register and communicate with lottery players through advanced Internet technology.
eLOT also owns DM360 (formerly Network60), an Internet promotions and permission-based direct marketing company, which offers a flexible, cost effective direct marketing medium to traditional corporations, advertising agencies, and online companies. DM360's web sites www.EasyWinning.com, www.CoolWinning.com and www.RadioStakes.com are client-sponsored sweepstakes sites that function as lead generation vehicles. www.PrizeChest.com is a prize fulfillment site. The Company also maintains a reward-entertainment web site located at www.eLotteryFreeWay.com. In addition, eLottery offers a free daily lottery email notification service (LENS) of state lottery results and other information and services at www.eLottoNet.com. eLottery's corporate web site is located at www.eLottery.com.
This news release contains forward-looking statements. Such statements are subject to certain factors, which may cause eLOT's plans to differ or results to vary from those expected including the risks associated with the development of new products and the uncertainty of product acceptance, the competitive nature of the Company's industry, rapid technological change, legal uncertainties, the Company's dependence on key personnel, and a variety of risks set forth from time to time in Company filings with the Securities and Exchange Commission.
CONTACT:
eLOT, Inc.
Vince Daniels
Director of Investor Relations
212/953-2923
KEYWORD: CONNECTICUT
BW2138 MAY 18,2001
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