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Australian-Owned Online Casino Stung By Fraud

18 March 2001

PERTH, Australia – March 18, 2001 –As reported by Newsbytes: "Perth, Australia-based Online gamer My Casino [ASX: MYC] was taken for A$4.3 million (US$2.14 million) in what it describes as a "well-organized" fraud using faked credit cards last year.

"…My Casino has taken steps to reduce staff and running costs, the company said. Directors are said to be considering "various options" that will allow the best possible return on the company's investment in the online casino industry.

"Operating revenue for the year to December 31 2000 was A$3.5 million ($1.74 million) but abnormals, including the fraud loss, cost A$8.6 million ($4.28 million). This resulted in a net loss of A$11.26 million ($5.6 million).

"While Australia-based and listed on the Australian Stock Exchange (ASX), My Casino describes itself as `an international online casino operating under a gaming license granted by the government of Antigua'"

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