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Betandwin.com Acquires Interest in German Sports Betting Provider

16 May 2002

VIENNA, Austria – (Press Release) --Only five betting providers are licensed in the strictly regulated German market: the state-owned company Oddset and four private entities. Without a license, the offering, brokering and promotion of sports betting are prohibited in Germany. On the basis of a judgment passed down by the Federal Administrative Court only in March last year, no new licenses are expected to be issued to private providers in the foreseeable future.

Odds Sportdata Dr. Steffen Pfennigwerth: Holder of a License for the Offering, Brokering and Promotion of Sports Betting

The firm of Odds Sportdata -- founded in 1990 and based in Saxony -- previously specialized mainly in postal, fax and telephone betting. In order to adapt to changing market requirements, the management decided to place greater emphasis on other, more innovative distribution channels in the future. In the absence of appropriate resources within the company, these new distribution channels were to be developed with the assistance of a suitable external partner.

50% Holding as an Atypical Silent Partner and Know-How/Technology Partner

betandwin.com now holds a 50% stake in Odds Sportdata Dr. Steffen Pfennigwerth as an atypical silent partner, and has granted the company a license to use its brand name, domain, product and technical platform. Hand in hand with this acquisition, the name of Odds Sportdata Dr. Pfennigwerth has been changed to betandwin e.K. (HRA 1374), which will start to offer its Internet services at BetandWin Germany simultaneously with the beginning of the Football World Cup commencing end of May 2002 The financial arrangements of this transaction have not been disclosed.

betandwin.com: An Ideal Partner Thanks to Extensive Know-How

"We decided to extend the current business," explains Steffen Pfennigwerth, owner of Odds Sportdata. "Our first step was therefore necessarily the rapid development of a modern, high-performance online platform. In order to keep our time-to-market as short as possible, we were searching for a partner who already had a technological platform coupled with extensive product development and IT resources, and the right knowledge of the market.

"In betandwin.com we have found an ideal partner who not only exceeds our requirements, but can also bring us valuable marketing experience. They have already provided impressive evidence of this with their successful brand building in their Austrian test market."

"Germany is the largest European market with the biggest, untapped potential for sports betting services," comment Norbert Teufelberger and Manfred Bodner, betandwin.com Co-CEOs. "This partnership is an important milestone for our international development."

betandwin.com is a company based and licensed in Austria and Gibraltar. The company's strategic concept is based on the pillars of betting, information and entertainment.

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