|betinternet granted Malta Licence
betinternet.com plc, the Isle of Man based online bookmaker, has announced that the Maltese Gaming Commission has granted its wholly owned subsidiary, Betinternet Malta Limited, an international bookmakers licence. This will permit this subsidiary to accept UK bets.
Of greater significance the granting of the licence enables the expansion of the services to be provided through Euro Off-Track Limited Partnership, betinternet's 50/50 joint venture with Greyhound Channel Inc..
Greyhound Channel Inc. is made up of a group of US companies with an annual turnover of US$500 million.
Via Euro Off-Track betinternet is establishing a global hub and communication center for tote betting through the installation in Malta of an Amtote Spectrum Totalisator System. This transnational hub will replicate Greyhound Channel Inc.ís existing US hub, enabling real time links into US totes. In addition it will allow for future links with totes all over the world.
The racing content to be made available to Euro Off-Track by Greyhound Channel Inc. will enable Euro Off-Track to provide live US greyhound and horse racing coverage to its B2B customers at their licensed operations. In addition Euro Off-Track will initially be providing a greyhound clipping service to its customers via the internet, a facility which has proved to be very successful in the US, and, following the expected introduction of improved broadband widths, Euro Off-Track will be able to transmit live pictures over the internet.
Euro Off-Track will also facilitate the delivery of international racing content into the US.
The Euro Off-Track service will enable European punters to bet directly into the US totes via the internet and the telephone. Plans are well advanced to enable punters to bet into the US totes using mobile communications and hand held devices.
Vincent Caldwell, betinternet's Chief Executive Officer explained, "Through the Euro Off-Track joint venture we intend to develop a number of global B2B relationships. Discussions with several major prospective partners are at advanced stages. Involvement in tote betting is a positive move forward for betinternet. Totalisator betting is common place throughout the world, profitable and risk free. With the creation of the transnational hub in Malta betinternet has taken another positive step in establishing a global brand and providing its customers with access to major betting markets".
betinternet recently announced a 700% increase in revenues for their latest financial period, which ended May 2000. The current financial year is to date showing another substantial increase.