Very interesting...
Alliance Gaming Receives Nevada Regulatory Approval for RAVE Technology and Awards International Sports Wagering First License
LAS VEGAS--(BUSINESS WIRE)--Feb. 22, 1999--Alliance Gaming Corp. (Nasdaq:ALLYD - news) Monday announced that it had received final regulatory approval from the Nevada State Gaming Control Board for its Remote Access Verification Environment (RAVE) technology.
The approval, which is for one year, came after a thorough review of the RAVE system by the Electronic Services, Audit and Enforcement Divisions of the Nevada State Gaming Control Board.
The RAVE technology provides geographic call-origination verification of its PC users and is designed to comply with Nevada gaming regulations regarding online gaming. The RAVE technology is provided through a proprietary intranet whose dial-up access is restricted to subscribers and is not available to nonsubscribers such as Internet users.
Under recently adopted regulations by the Nevada gaming authorities, effective March 1, 1999, race and sports wagering via computer or voice communications will not be permitted unless the placement of the wager from within Nevada can be verified.
The RAVE technology was designed to satisfy this requirement, and Bally Gaming and Systems is the only company to offer an online gaming product that has been approved by a regulatory agency in the United States. Only companies licensed by the appropriate gaming authorities will be allowed to license the RAVE technology, and only for approved applications.
''RAVE is a bellwether product for both regulators and legislators, since it ensures that regulatory concerns and jurisdictional boundaries are respected,'' stated Morry Goldstein, president and chief executive officer of Alliance Gaming.
''We have signed our first license agreement with International Sports Wagering (Nasdaq:ISWI - news), which provides for their exclusive use of the technology in Nevada. Once the ISWI system is approved by the Nevada gaming authorities, we will receive ongoing royalty payments from ISWI based on the number of subscribers to this service.
''We understand ISWI has begun field testing their system as part of the final approval process for their software. We are also pursuing licensing opportunities for other jurisdictions worldwide to maximize our return on the investment we made in developing this technology.''
Alliance Gaming is a diversified gaming company with headquarters in Las Vegas. The company is engaged primarily in the design, manufacture and distribution of advanced gaming machines and systems worldwide, and is the nation's largest gaming-machine route operator and operates two regional casinos.
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