Spread Betting Fines -- Spread betting firm City Index has been fined £35,000 by the U.K. Financial Services Authority because some of its promotional material was deemed to be misleading. Advertisements that appeared in newspapers, in magazines, and on bags used by some deli shops failed to accurately describe the commitment required and the risk involved with spread betting. The FSA says that it is important that financial promotions use clear and simple terms so that the customer understands that he could quickly incur liabilities that are greater than his initial stake. The Financial Promotions Department of the FSA was established last year to better monitor the advertisements of spread betting firms. The FSA fined Cantor Index £70,000 in December 2004 for similar violations.
Gambling Federation -- Following an inquiry into allegations that I-gaming software provider Gambling Federation inserted "malware" into its software so that players would not be able to access the Web sites of competitors, the interactive Gaming, Gambling and Betting Association (iGGBA) has determined that the company is in violation of the iGGBA code of conduct and has therefore terminated its membership.
Play-by-Play -- Sportingbet has launched Interactive Systems Worldwide Inc's play-by-play sports betting system, SportXction, on its Croatian wagering Web site, hr.sportingbet.com, and its Slovenian wagering Web site, sl.sportingbet.com. Sportingbet has also launched the SporXction system on its Spanish, Turkish, Bulgarian and Greek Web sites in recent months. The SportXction system is set to offer play-by-play wagering on over 1,000 events this year, including games of soccer, tennis, rugby, cricket, golf and snooker.
Predict the Future -- A team of researchers will present a paper called "Market Efficiency in Person-to-Person Betting Market" this week to the Royal Economic Society's annual convergence. According to the paper, analysis of trends certain person-to-person betting exchange markets offers an unprecedented way to predict the future. As evidence of their claim, the researchers demonstrate that online betting exchanges accurately predicted not only the winner of every state in last November's general election in the United States, but also the correct date of the capture of Saddam Hussein. The paper was written by David Paton, Professor of Industrial Economics at Nottingham University Business School, Michael Smith, a senior lecturer in economics at Canterbury Christ Church, University College and Leighton Vaughan Williams, Professor of Economics and Finance at Nottingham Trent University.
Phoenix Mobile -- Phoenix Interest Inc. has launched a wireless betting platform for its online account wagering site, BetBarn66.com. The mobile service enables customers to check their account status, receive entries and results and wager on any of the worldwide tracks that are in the system. BetBarn66 is a member of the AmericaTab affiliate system, a multi-jurisdictional simulcasting and wagering totalizator hub licensed by the state of Oregon.
Keno.com's Sports Book -- Gaming Transactions Inc. has entered into an agreement to license FutureBet Systems Ltd's sports book software for use on the Keno.com Web site. Gaming Transactions says the site will offer a full range of sports betting option and an extensive number of betting types, including straight bets, parlays, over/unders, money-lines and teasers.
Strategic Alliance -- Boss Media and lotteries company Oberthur Gaming Technologies have formed an alliance to jointly provide solutions for the converging gaming market in North America. Boss brings its e-gaming software and solutions to the alliance, including payment and accounting systems, player behavior tracking and performance evaluation, strategic marketing, prize structures and wagering limits to prevent addictive play, while Oberthur brings its Cyber Games portal, which gives lottery clients access to digital technologies targeting a new generation of consumers.
CYOP Poker -- Online skill games software provider CYOP Systems International Inc says it plans to target Asian portals for the integration of its new poker software. The company's backend financial systems are already localized into traditional and simplified Chinese, and it has begun working on the front end game translations of its poker games.
Betdirect Mobile -- Sportech's betting brand, Littlewoods Betdirect has launched a new Java-based mobile betting service using technology from mobile gaming solutions provider Mfuse. The mobile service provides betting on of the sports available via the Internet-based service and also offers advanced bets such as tricast and forecast. Betdirect also says its mobile sports book is the first to offer mobile-specific free-bet functionality, a feature which it expects to drive significant user uptake.