Less than three months after winning the contract to develop the online gambling industry's first industry-wide comprehensive transaction risk management database service for the Interactive Gaming Council (IGC), Vancouver-based technology company Riptide Technologies Inc. is acquiring the risk management database of a competitor.
The company announced last week that it is purchasing Casino Watch, a similar database service, from Cura Financial Services N.V.
When the IGC completed its selection of a company to develop the first industry-wide comprehensive transaction risk management database service, Riptide and Cura Financial Services were first and second (respectively) on the Council's list of thirteen candidates.
If you can't beat 'em, join 'em, says the unnamed managing director of Cura Financial Services. "Rather than competing and segmenting the market we feel it is in the best interest of all for Riptide and Casino Watch to join forces," he said. "We feel that this is in the best interest of our clients and the industry. It is pertinent that the gaming industry consolidates its client data in order to enhance the control of player fraud in the industry. Riptide has the in-house technology and resources to take Casino Watch to a higher level of service and development. They have considerable background in the gaming industry having developed auditing systems for many government lotteries and gaming software systems."
The consolidated IGC database, know as e-Tide, will be available to Internet gaming operators and others by the fall of 1999.
The e-Tide system will analyze individual transactions at online gambling websites using many risk-profiling factors to establish the likelihood of fraud. Additional blocking information will be provided for transactions that may involve: addictive problem gamblers, professional and collegiate athletes, players who are under the legal age to play, players who are signing on from a jurisdiction where interactive
gaming is illegal, and a warning of the likelihood of money laundering transactions.
"The first phase of the e-Tide system will be coming online during September," Riptide President Michael Meeks saids. " We have met with most of the present Casino Watch customers and others and are preparing to provide them with a seamless transition to the e-Tide system. I am very pleased that the system Casino Watch initiated will continue and grow under e-Tide. This is only possible through the open and supportive relationship that we have developed between Riptide and Cura Financial Services.
"Once in operation, we foresee the e-Tide service being quickly embraced throughout internet gaming industry -- by companies throughout the world seeing the mutual benefit of access to the service and cross-fertilization of the Riptide data 'pool' and system intelligence with their customer transaction experiences."
Riptide Technologies Inc. is a leading Internet company that provides products and services to the e-commerce "transaction triad" -- buyers, sellers and financial institutions. The company also provides software development services in many customer-defined environments, including gaming.
The Interactive Gaming Council (IGC) provides a forum for interested parties to address issues and advance common interests in the global interactive gaming industry including the establishment of fair and responsible trade guidelines and practices that enhance consumer confidence in interactive gaming products and services. The IGC actively serves as the industry's public policy advocate and information clearinghouse.