Betware of Iceland has signed a two-year supplying contract with Islensk Getspa-Getraunir, Reykjavik, the successor of Betware's first client, the Icelandic Soccer Pools.
Islensk Getspa-Getraunir, Reykjavik was formed in 2001 through a merger between Islenskar Getraunir, established in 1986, and Islensk Getspa (Lotto), established in 1968. Betware had already been supplying technology to Islensk Getspa, which saw sports betting turnover of US$3.8 million and lotto turnover of US$11.8 million in 2001.
The Icelandic Toto Company has been using Betware's technology to offer sports betting products, including 1x2 and Oddset. The new contract will enable Islensk Getspa-Getraunir to additionally offer its Lotto and Viking Lotto games on its gaming site.
Betware will also provide consulting and services for the setup and operation of a data center for the gaming solution.
Betware, a World Lottery Association Member, is a quickly growing software and service company that specializes in providing technical solutions to gaming companies operating in fully regulated jurisdictions. The company, which doesn't take part in betting, concentrates on supporting its clients utilize the Internet successfully.
Betware's product line covers most sports betting, lottery and casino games, as well as an online system that's run from a standard PC connected to the Internet. The system, the Gaming Factory, enables independent third-party gaming developers and operators to create their own games.
Betware has already implemented a number of its games on WAP and PDA platforms and is involved in extensive development for interactive television.
In September 2001, Betware and Danish Dansk Tipstjeneste signed a five-year agreement through which Dansk Tipstjeneste is using Betware's interactive gaming system. Dansk Tipstjeneste, which saw turnover of US$861 million in 2001, also purchased professional services regarding the setup and maintenance of the Interactive Gaming Center from Betware.
Additional clients of Betware include the troubled MyLuckyWorld in Norway and Swedish-based Svenska Spel, which reported US$1.68 billion in turnover in 2001.
Islensk Getspa-Getraunir, Reykjavik had very specific ideas and
requirements concerning the Internet system. Among them were the following:
- The system has to be capable of running all the existing online games offered.
- A Web browser-based solution is required.
- The system has to be available 24/7.
- The system must have the ability to adopt various new devices as gaming terminals. This is essential for a multi-channel strategy, using mobile telephones, iTV, PDAs and other devices, as well as a standard PC, to reach the lottery's customers.
- The system must feature an easy-to-use and intuitive user interface.
- The system must provide players with a complete overview of their
financial and gaming activities within the system.
- There must be a successful integration with current legacy systems in use at Islensk Getspa.
- The solution must meet or exceed the strongest security standards in use by Islensk Getspa.
- The day-to-day running of the system needs to be simple and secure.
- Payment processing needs to be done in real time and must be binding
Betware's Major Shareholders (as of May 31, 2002):
Margmidlun h.f. (www.margmidlun.is) - one of the largest ISP's and Web development houses in Iceland.
Althydubankinn Holding Co - a quoted venture capital and investment company on the Iceland Stock Exchange Company, which doubled its number of shares.
Net Entertainment (www.netentertainment.com) - Created in 1996 by Pontus Lindwall, Net Entertainment is a wholly owned subsidiary of the Swedish company Cherryförtagen, one of Scandinavia's leading gaming enterprises. Cherryförtagen is a privately owned Swedish gaming company with more than 2,600 shareholders. Its shares are listed on OM Stockholm Exchange O-list.
The operating income for Betware in 2001 was 136,313,408 ISK (US$1,580,482), up from US$230,610 in 2000. The staff went from 12 in 2000 to 19 in 2001, and according to Marketing Manager Hjotur Freyer Vigfusson, the company now employs 40 and is "still looking for more qualified personnel."