Australia-based Internet gambling company eBet Ltd. has registered an A$10 million (US$6.66
million) share offer as part of a drive to boost market penetration and further develop its online sports betting technology.
eBet provides racing and sports betting via the Internet in Australia and New Zealand. Along with extending its services globally, the company will distribute the existing lottery and sports betting products from bricks-and-mortar operators New Zealand TAB and Australia's Tattersall's.
Part of the company's development will be to enhance its website, http://www.ebetonline.com, with live video and audio broadcasts of international racing events and live lottery draws.
Approximately A$3 million (US$2 million) of the capital raised will be set aside for a possible acquisition of NetCash Systems Pty Ltd., the developer of a player tracking, machine management and loyalty system for slot machines.
The company will be capitalized at A$50 million ($33.29 million) and trading of shares is expected to commence on the Australian Stock Exchange on August 3, 1999.
eBet is a wholly-owned subsidiary of Coms21 Ltd. [AUS:CMZ].