One of the biggest challenges facing proponents of interactive gaming and wagering is the financial transaction processing system. We’re beginning to see a proliferation of products that address this concern. One of the options being offered is a handheld device that allows players to bet anywhere. Here’s a review of the product being offered by a new entrant called Betting Inc.
BETTING INC.(Symbol: BETT as NASDAQ OTC) is a newly formed Nevada corporation whose business is the promotion and marketing of ATM/SMART card wagering - either from on site locations such as Casino tables and bars or off site locations such as, hotels or any location that is not specifically at the merchant site.
The company offers a wireless transaction through a global licensing agreement with "Pay Master." This is done through a handheld phone with a QWE keypad and display screen. It works in conjunction with an ATM card, credit card, or a smart card. The company is targeting the United Kingdom and Japan for its tests, where the home or remote wagering market is more favorable, as well as New York phone wagering for parimutuel contests.
Tom Hughes, Chairman of Betting Inc., says, "This means that someone driving a car in New York, where telephone off-track betting is legal, can wager on the track from their car while they’re stuck in traffic." The player can make a wager and get a printed receipt through this process.
The first phases of test marketing includes tests from home, opening or replenishing off-track betting accounts by ATM cards. The second phase will be testing actual pay-per-play by same as cash ATM cards.
ATM card POS (Point of Sale) transactions and SMART card transactions are the same as cash and are non reversible by the Sender. Only the Recipient can reverse an ATM/SMART card POS transaction, not the Sender.
There are presently over 200 million ATM cards issued in the United States today and tens of millions of ATM cards worldwide. SMART cards have been used in Europe for well over a year and are expected to enter the US market in ‘98.
In order for a merchant to receive an ATM card POS cash payment, the merchant must be sponsored by a member bank in one of the 23 Regional ATM card networks. This sponsor bank basically responds to any disputes between the Sending Bank and the Merchant Recipient bank.
It is conceivable that a Master Sponsor Bank may be found that will sponsor Gaming Merchants to receive off site ATM card POS transactions. This bank may also be the Settlement Bank that will disburse the fee to HPOS and BETTING INC. and the remaining dollars to the Recipient Merchant.
Take a closer look at the Betting Inc. envisions the process working for both lottery sales as well as slot machine sales.