Online sports betting has arrived in South Africa via a website called SportsBet. The service uses a new technology platform developed by LiveBet Online and is operated by bookmaker Atlantic SportsBet.
"It's finally happened after some long hours stabilizing the software and getting through the regulatory processes," explained Andrew Beveridge, LiveBet Online's CEO.
The site (found online at www.sportsbet.co.za) is based in Cape Town, South Africa and is licensed by the Western Cape Gambling and Racing Board. It offers spread betting and fixed odds betting on a variety of sports.
"We have been through an extremely complex development process, taking into consideration the intricacies of integrating fixed odds, spreads, telephone and Internet betting, and latency issues with the
timing of issuing odds and accepting bets in running," Beveridge said. "In many respects, our technology is a world first, including the first system to offer both fixed odds and spread betting.
"We are able to offer a seamless and instant online betting solution, including a Web front end, a sophisticated risk management system, integration with telephone and physical betting activities, a back-office client administration system and a secure real-time payment authorization system."
SportsBet caters especially to South African sports enthusiasts looking to spice up their sports viewing, the company says. All accounts are handled in the South African rand, currently trading at 8.02 rand per US$1.
The site has only been taking bets for a few weeks, but SportsBet Managing Director Ken Young claims that there's been a steady increase in betting activity. "For our traditional customers, it also offers more convenient access to our services," Young said. "The website makes the entire process extremely easy."
While SportsBet is the first licensed South African online betting service, more gambling sites, including e-casinos, may soon be launched there as well. In January, the South African federal government issued a request for proposal to advise the National Gambling Board (NGB) on developing a draft legislative framework for interactive gambling, including a set of draft regulations.
LiveBet is ready for the future of online gambling in South Africa. "Although we are dealing with numerous sports betting operations worldwide, our key focus for the sale of the LiveBet Online software is likely to be the United Kingdom," Beveridge said.
"In addition to the similarities between local and U.K. betting practices, current regulatory developments indicate that this will become the next hub for online sports betting," he continued. "But, we are hoping that South Africa will follow suit in line with the National Gambling Board's initiatives to regulate online gambling at a national level in South Africa."