Multimedia Games, Inc. (MGAM) has gone live with its first interactive Internet bingo game, a free, two-minute game called "FlashCash," in which players compete against each other for points that earn cash prizes.
"This game represents only one of several new Internet game products which Multimedia Games plans to offer," CEO Gordon Graves said.
Plans to offer a game for real money wagering, in anticipation for pending legislation, are temporarily on hold, according to Graves. "We expect Congress to pass new legislation this year clarifying internet gaming law," he explained. "We do not plan to begin offering the wagering version of our internet games until that legislation becomes law in order to assure that we comply."
Graves also commented on the marketability of bingo. "It is becoming clear that Internet bingo games paid for by advertisers represent a more attractive short-term business opportunity," he said. "To this end, the company has designed a proprietary online promotional bingo game that allows thousands of players to compete against each other in real time for product prizes. Ultimately, the company will derive revenue from advertisers paying a certain fee per thousand viewers to have their products presented as part of the game. Revenue generated from these on-line sweepstakes-type bingo games promises to be quite significant."
Multimedia Games, Inc. designs and develops interactive bingo games that are marketed to bingo halls located throughout the United States. The company is best known for its development and operation of FlashCashTM, MegaManiaTM and other high-speed games, which are played on interconnected electronic player stations (EPS). It also produces live TV game shows which are transmitted to halls via closed circuit TV satellite networks.