|Joint venture to provide access to US betting TOTE's
through live US Greyound + horseracing.
Isle of Man, UK
betinternet.com plc ("betinternet"), the Isle of Man-based international online and telephone betting service provider, today announces that it has formed Euro Off-Track Limited Partnership ("Euro Off-Track"), a 50-50 partnership with Greyhound Channel, Inc. ("GCI") of America to enable, for the first time, non-United States customers to bet directly into US Totes through the provision of live broadcasts of US greyhound and thoroughbred horse racing from more than 30 tracks. It is anticipated that the service will be available from the end of this year.
In the US GCI provides live greyhound racing content for direct to home broadcasting via The Racing Network and an Internet tote wagering service. GCIís racing content will be made available to Euro Off-Track, enabling it to provide live racing, initially via satellite, to a variety of users including betting shops, casinos and other forms of licensed premises. It is intended that this service will be available, in due course, generally via the Internet. It is proposed that Euro Off-Track will provide live international greyhound racing content for transmission in the US.
The partnership will also create a European hub and wagering communications centre, through the installation of an Amtote Spectrum System and replication of GCIís existing US system, enabling real time links directly into US Totes. In addition it creates the opportunity for links with European Totes.
Euro Off-Track will be the first organisation to make US Tote betting via the Internet and the telephone a reality for both individuals and corporate customers alike. Euro Off-Track will provide a unique gateway to betinternetís customers and those of other betting service providers to participate in global Tote opportunities at no wagering risk to either the partnership or betinternet.
Euro Off-Track will retain a proportion of turnover generated through the hub. In the US GCI comprises a number of partners with a combined Tote betting turnover of approximately $500m.
Vincent Caldwell, chairman of betinternet, commented: "This is a tremendous opportunity for betinternet as the links with GCI give our customers direct access to US Totes and expand our range of existing services. In addition we will be able to develop global strategic partnerships with other betting service providers throughout the world and at a stroke create a major international presence for betinternet."
Art Weaver, Chairman and President of Derby Lane,
the parent company of GCI, said: "We are very pleased to announce our joint
venture with betinternet as I believe there is great synergy between our
two companies enabling the seamless integration of totalisator wagering
between America and Europe."