Internet Gambling Prohibition and Enforcement Act of 2006, signed into law by President George W. Bush last Friday, October 13, 2006, will not prohibit but rather enhances live remote casino table game provider Kenilworth Systems Corporation’s Roulabette(TM) System.
Online LotteryChairman and Chief Executive Officer Herbert Lindo stated: “Internet gambling was always outlawed in the U.S. Las Vegas lobbied to make it legal to allow casino players to wager, from home or other remote locations, directly with the casino of their choice. With the credit card prohibition, that appears to become improbable.”
Roulabette(TM) will be primarily deployed in conjunction with Lottery Systems. Digital satellite and cable subscribers will be able to go to their local lottery agents and make cash deposits and/or collect winnings, in the same manner as if they are purchasing lottery tickets, using pre-encoded Roulabette(TM) Play Cards inserted in the lottery terminals.
“Our basic patent encompasses remote satellite broadcasts and a pending application is directed to having exclusively state lotteries and other authorized public agencies manage all the cash handling and distribution. Using lotteries, that can only by law, accept cash deposits, concerned citizens and legislators will be assured that the high school student and college freshman will not be able to participate. By using the lotteries database, the compulsive gambler can be identified and, if necessary, limited or shut down. The additional revenue collected from the lottery will be available to fund state activities such as boost school aid and teacher’s salaries.” Lindo added.
The Roulabette(TM) program will include entertainment and commentators to assist players with the rules and regulations of the games. Live casino table game action may also be offered on slot machines and video lottery terminals, as an alternative and change of pace from native games.
Betcorp Confirms Sales Talk
Australian online gaming company, BetCorp, has confirmed that it was in sales discussions for the group’s gaming operations and infrastructure and will cut staff by around a third.
The group told the Australian Betting Exchange that it’s not certain that the talks will lead to a sale, or on what financial terms such a sale might take place
Betcorp suspended its Togel Online US operations earlier in the week after US President George Bush passed the anti-gambling legislation into law.
Shares in the group have fallen by 77 per cent following news of the ban, and are now trading at 45 Australian cents. Betcorp said it will be making a further announcement within 10-days.
Internet gaming company Betcorp Ltd. of Australia has confirmed it has sold its gaming interests for a total of $9 Million (£4.8 Million) to to Bodog Entertainment Group SA.
In a statement to the London Stock Exchange, the company said it had sold its BetWWTS operations based in Antigua and Toronto for a cash consideration of £3 Million on completion and a further four equal quarterly instalments during the following twelve months.
In addition, Bodog will meet the current liabilities of $2 Million. This implies an enterprise value on the operations of $11 Million.
Betcorp said that if the operation has been closed down it would have cost approximately $6 Million in severance and closure payments.
The sale has been caused by the signing of the Unlawful Internet Gambling Enforcement Act (UIEGA). Within the past fortnight, Sportingbet unloaded its US-facing sportsbook operations of $1.