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Australian Gocorp Serenades US$1 Billion Lottery

28 November 2000

AUSTRALIA -- Nov. 28, 2000 -- As reported by the Sydney Morning Herald: "...Queensland's online casino Gocorp has signed a heads of agreement with MaxLotto to relocate its online lottery business to Australia.

"Launched two months ago, the US-owned MaxLotto operates out of the Dominican Republic, selling tickets in its $US100 million and $US10 million online lotteries to players outside the US.

"...If successful, Gocorp will receive a 10 per cent stake in MaxLotto.

"MaxLotto is in the process of establishing a $US1 billion ($1.9 billion) jackpot lottery, negotiating with Lloyd's of London to underwrite the prize pool, thought to be the largest of its kind in the world.

"The decision to allow Australians to buy tickets in this lottery, should MaxLotto take up residence here, will rest on the legislative and political environment at the time.

"...The worldwide online lottery market is estimated to be worth $US7 billion a year.

"...The Gocorp share price has tracked steadily south since the company listed at a 56 per cent discount to its 50c issue price in June. Gocorp closed up 2.5c at 12.5c yesterday..."

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