Betting Inc. announces a merger with eBet.com. The new company's primary focus is PERFECT wagers, or real-time Personal Encrypted Remote Financial Electronic Card Transaction, placed on games of skill and games of chance.
The new company eConnect will retain the trading symbol of BETT. It's primary focus is PERFECT wagers, or real-time Personal Encrypted Remote Financial Electronic Card Transaction, placed on games of skill and games of chance. These same-as-cash electronic wagers will originate from remote sites such as homes, offices, cars and public locations and will be effected by mass marketed home, office and mobile equipment that have functions which can read financial cards and print receipts.
The eConnect division of eGate will focus on the development of PERFECT wagers and will act as an interface between bank host processing centers, which receive incoming PERFECT wagers from home, office and mobile terminals, and the gaming companies who are paid from such PERFECT devices. eGate will be paid transaction fees on each wager.
The goal of eGate will focus on enrolling both Internet and non-Internet wagering companies who would like to receive PERFECT transactions. The eConnect division of eGaming will focus on acquiring both Internet and non-Internet gaming companies as wholly owned subsidiaries who will retain their own identity and market niche.
eGaming is presently generating $50,000 per month in earnings from e.Sportsbet, a four-month-old company which will be expanding to include an Internet presence. eGate is generating service fee revenues from the gating of PERFECT wagers.
eConnect has also acquired an exclusive global license to the patented Slick, which will allow global Internet users to effect pay-per-play with real-time non-reversible cash transactions with either their ATM card or prepaid stored value smart card. Slick transactions bypass the Internet with both personal and financial data by simply placing a direct modem call to the bank host processor. eGate will service Slick transactions.
eConnect has also acquired exclusive global license to the patented PocketPay, which is a digital wireless pocket-sized terminal that will effect PERFECT same-as-cash electronic wagers by wireless ATM card or prepaid stored value smart card transactions. The PocketPay will either send the completed transaction record to consumers via fax or e-mail for a record of the PERFECT wager transaction. The PocketPay will also place voice-phone calls as a digital wireless phone. eGate will service PocketPay transactions.
A landline terminal is presently effecting PERFECT account open and account replenishment transactions and is being serviced by eGate.
eConnect projects that by 2001, the global mass market will have access to many different types of PERFECT equipment, as initially represented by the Slick and the PocketPay. The market will also be effecting real-time non-reversible electronic wagers which will be originating from landline encrypted, wireless encrypted, or Internet bypass PERFECT equipment.
The company believes that, by 2001, anyone with access to telephony will have some type of PERFECT device which may have originally been promoted into consumer homes by utility companies or phone companies as a convenient same-as-cash bill statement device by debit ATM card or smart card, but will also be used by many consumers to place PERFECT wagers. It also foresees that the mass global market transactions of this type may be originating from homes, cars, offices and public waiting areas. Consumers could be playing games of chance such as sportsbet, lottery or Internet casino and also playing mass participation games of skill such as poker, bridge, chess or video combat. The players will be using PERFECT devices to place pay-per-play wagers on interstate and intercountry games.