To: ocmayor (735 )
From: GC Wednesday, Jan 6 1999 2:22PM ET
Reply # of 2338
news out lol
REPEAT/Betting Inc. and Ebet Announce
Merger to Pursue Estimated $200 Billion
Global Home and Office Self- Serviced
Electronic Wagering Industry
Business Wire - January 06, 1999 13:50
REPEATING AND CORRECTING...
Editors: This news release corrects and replaces BW0096, issued earlier
Wednesday. Please note that in headline and first graf, "eBet.com" now
reads "Ebet."
LAS VEGAS--(BUSINESS WIRE)--Jan. 6, 1999--Betting Inc. (OTC
BB:BETT) has announced the merger of Betting Inc. and Ebet.
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.
CONTACT: Carnegie Cook, 800/262-2331
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