To: steveK. (704 )
From: Carl Wednesday, Jan 6 1999 10:00AM ET
Reply # of 2338
Wednesday January 6, 9:27 am Eastern Time
Company Press Release
Betting Inc. and eBet.com Announce Merger to Pursue Estimated $200 Billion Global Home and Office Self-Serviced Electronic Wagering Industry
LAS VEGAS--(BUSINESS WIRE)--Jan. 6, 1999--Betting Inc. (OTC BB:BETT - news) has announced the merger of Betting Inc. and eBet.com.
The new company, to be called eConnect, will retain the trading symbol of BETT.
The business of eConnect is to pursue PERFECT wagers which are real-time personal encrypted remote financial electronic card transaction same-as-cash electronic wagers placed on games of chance and skill. These transactions will originate from remote sites such as homes, offices, cars and public locations and will be effected by mass marketed home and office and mobile equipment that reads financial cards and which print receipts.
eConnect estimates that the present $800 billion-plus global wagering industry will reach $1 trillion by 2001 with at least 20 percent of these global wagers being placed with home, office, mobile and Internet devices sending in same-as-cash debit ATM cards and smart card pay-per-play transactions.
The eConnect division of eGate will focus on the development of PERFECT wagers and will act as an interface between bank host processing centers which are receiving incoming PERFECT wagers from home, office and mobile terminals and the gaming companies who are being paid from such PERFECT devices.
eGate is paid a fee per transaction. The goal of eGate is to sign up both Internet and non-Internet-related wagering companies who would like to receive PERFECT transactions.
The eConnect division of eGaming will focus on acquiring both Internet and non-Internet gaming companies as wholly owned subsidiaries who will retain their own identity and market niche.
eGaming is presently generating $50,000 per month in earnings from e.Sportsbet, a four-month-old company which will be expanding to Internet presence. eGate is generating service fee revenues from the gating of PERFECT wagers.
eConnect has acquired exclusive global license to the patented Slick, which will allow global Internet users to effect pay-per-play with real-time non-reversible cash transactions with either their ATM card or prepaid stored value smart card. Slick transactions bypass the Internet with both personal and financial data by simply placing a direct modem call to the bank host processor. eGate will service Slick transactions.
eConnect has also acquired exclusive global license to the patented PocketPay, which is a digital wireless pocket-sized terminal that will effect PERFECT same-as-cash electronic wagers by wireless ATM card or prepaid stored value smart card transactions.
The PocketPay will either send the completed transaction record to the consumers fax or e-mail for record of the PERFECT wager transaction. The PocketPay will also place voice phone calls as a digital wireless phone. eGate will service PocketPay transactions.
A landline terminal is presently effecting PERFECT account open and account replenishment transactions and is being serviced by eGate.
eConnect projects that by 2001, the global mass market will have access to many different types of PERFECT equipment, as initially represented by the Slick and the PocketPay, and which will be effecting real-time non-reversible electronic wagers which will be originating from landline encrypted, wireless encrypted, or Internet bypass PERFECT equipment.
''We strongly believe that by 2001, anyone with access to telephony will have some type of PERFECT device, which may have originally been promoted into consumer homes by utility companies or phone companies as a convenient same-as-cash bill statement device by debit ATM card or smart card, but will be used by many consumers to place PERFECT wagers.
''If we project a global wagering marketplace of $1 trillion by 2001, then it is not unreasonable to estimate that at least 20 percent of this market will be PERFECT wagering of $200 billion in 2001. It is the goal of eConnect to be the leader in the PERFECT wagering industry,'' stated Thomas S. Hughes, chairman and chief executive officer of ET&T, the host processor and licenser of the Slick and the PocketPay.
''By 2001, you will see the mass global market transactions of this type originating from homes, cars, offices and public waiting areas. Consumers will be playing games of chance such as sportsbet, lottery or Internet casino and also playing mass participation games of skill such as poker, bridge, chess or video combat. The players will be using PERFECT devices to place pay-per-play wagers on interstate and intercountry games.
''By 2001, we will be witnessing same-day multibillion dollar same-as-cash games being played internationally between countries. Many states and countries will elect to instantly tax the winnings which will contribute towards the acceptance of Internet wagering,'' stated E. James Wexler, the chairman and CEO of eConnect.
For further information on Slick transactions, see www.hpos.com and click Slick. For company information contact Carnegie Cook at 800/262-2331.
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Contact:
Carnegie Cook, 800/262-2331
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