REUTERS NEWS (after trading)...GLOW has Govt. sponsorship
Tuesday July 7, 4:58 pm Eastern Time
Global Games to build Internet casino for Dominica
MINNEAPOLIS, July 7 (Reuters) - Dominica may be the next gambling hot
spot after the small eastern Caribbean island signed a preliminary deal
with Global Games Corp. (GLOW - news) to design and build a virtual
casino.
The Virtual World Casino will include Internet casino games, as well as
a full betting Sports Book, Global Games said Tuesday. The company hopes
to have at least the Sports Book open by August when the U.S. National
Football League's season begins.
While gamblers can already place bets over the Internet on other
commercial sites, Minneapolis-based Global Games said this will be the
first government-sponsored virtual casino.
The deal is expected to be finalized within a week.
Global's stock climbed $0.08 a share on the news to $0.30 a share, with
800,000 shares changing hands.
The Internet services company hopes to hit the jackpot with the deal,
which calls for Global to receive licensing fees which it estimates
could exceed $10 million, Gary Borglund, president and chief executive,
said in a telephone interview.
The site will offer bingo and sports betting at first, but Global hopes
to add blackjack soon, Borglund said. Users will buy virtual chips with
a credit card. Winnings up to the amount purchased on the card will be
credited. For anything over that amount, Dominica will mail a check, he
said.
Global Games provides secure Internet transaction processing and
licenses software for Internet gaming.
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