The proposed merger between NetBet.com and Internet Gaming Inc. (IGI), yet another marriage between land-based and Internet casino operators and/or suppliers, has been approved by NetBet.com shareholders.
NetBet.com announced last month the completion of construction and planned grand opening of its land-based Grand Pacific Casino in Costa Rica. If all goes as planned, they will utilize state-of-the-art technology from IGI that enables land-based casinos to provide live gaming broadcasts over the Internet. Netbet.com expects that its Grand Pacific Casino will be one of the first casinos in the world to showcase the technology, which is called "Casino-TV."
"The pioneering background of NetBet.com in online gaming technology, together with its recent completion of one of the larger land-based casinos in Costa Rica and the advanced technology acquired from IGI, including its Casino-TV technology, should position NetBet.com as a worldwide leader in online gaming technology," said newly elected Netbet.com CEO Tom Meredith.
Using IGI's new Internet gaming software, Netbet.com is building an advanced multimedia website where players can participate in lotteries and bet on local or international sporting events and traditional casino games by logging on from any of the 120 countries deemed by IGI as places where it is lawful to wager on the Internet. The technology could also allow U.S. citizens to participate in Native American Bingo, via live broadcast over the Internet to a potential audience of 50 million viewers.
The merger has also been approved by IGI's shareholders as well as the boards of directors from both companies.
The merged company will continue to operate under the name NetBet.com and trade on the NASD Bulletin Board Exchange under the symbol NBET.