LAS VEGAS -- American Wagering, Inc. (Nasdaq: BETM) announced October 16 that the Bookmakers Licensing Committee of ACT (the jurisdiction where the seat of the Australian government is located) has found the directors of the company's Australian Mega$ports suitable under the requirements of the Bookmakers Act 1985.
As previously announced, the directors of the company's Australian unit had to pass probity checks prior to American Wagering, Inc. receiving a sports betting license to begin operating Mega$ports and sports betting services on the Internet out of their international Australian hub. The company now plans to finalize documents this month to activate their sports betting license in ACT.
According to a news release issued by the company, the Australian Capital Territory Government (the equivalent of the District of Columbia in the US) is amending the rules for sports betting to specifically provide for Internet wagering and the products to be used for Mega$ports. The work is expected to be completed within the next month. Once the rules are amended and American Wagering, Inc. receives their license, the company plans to begin accepting sports betting wagers on the Internet from all legal jurisdictions and will not accept wagers from the United States and Canada. The company then plans to form alliances with various other sports betting companies around the world.
Commenting on the probity approval by the ACT, American Wagering CEO Victor Salerno said, "We are pleased to announce the suitability approval and the progress which is being made in Australian on the Internet gaming laws. We have been working diligently to enter the international sports betting market and it appears that we are almost there. The sports betting market internationally is extremely larger than the Nevada sports betting market. American Wagering's Leroys Horse and Sports Place unit already operates the most sports books in Nevada. Combined with our launch of our new Keno product in the next few months and our expected entry into the sports betting market the Company now has the potential for future growth in the next 12 months."