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Emily D. Swoboda
 

Winners Internet Network, Inc. – One Giant Leap for Internet Gaming

27 August 1998

An innovative new company, Winners Internet Network, Inc. (WINR) , is entering the online wagering scene with great expectations from both customers and vendors in the Internet gaming community. It appears to have the potential to move the industry from its current unstable infancy to one of worldwide credibility and legal acceptance.

WINR is the first independent third party corporation that has created a worldwide gaming payout structure that protects the interest of both the customer and the vendor. This is being accomplished through a new software system (created by Global Gaming Link Systems, Ltd.) and the development of contractual relationships with some of the most highly respected financial institutions and secure trust sites in the world.

The current process for gambling online entails that the Internet gaming customer send funds (typically by check or divulging his or her credit card number) and hope that the site is legitimate and that they will receive an accurate payback if they win. There are no guarantees. WINR seeks to change this by making it so the money wagered doesn't leave third-party hands until bets are won or lost. Winnings will be deposited immediately into the customer's account and he or she will be able to use a debit card for immediate access to funds. Player pin numbers will be issued to follow the player worldwide at all participating Internet gaming sites. Plus, the system will track wins and losses for all play and allow players to separate records for play at different casinos.

Keeping deposits safe, however, is only half the battle. The true challenge for WINR will be to assure that winnings will be delivered. It's a monumental task, although they seem to have their ducks in order. According to WINR President David Skinner, Jr., all of the casinos involved with this system are scanned thoroughly for integrity and reliability. Referring to potential operators, he emphasized that they perform extensive background checks on the corporations and the individuals involved with them. "We're looking for 'Blue Chip' companies," Skinner explained.

WINR is also taking every measure possible to comply with the regulations of all governments that allow Internet wagering, and the software has the capacity to "lock out" those in jurisdictions where it is. "We're working with different governments and want to adhere to their laws individually," Skinner said. The company will be offering its services throughout the world but is concentrating more on the European and Far East markets.

All cash flow will take place in Europe. WINR has been working with Commerze Bank in Frankfurt, Germany, Bank of Tyrol in Austria, Landis Bank, VP Bank and LGT Bank in Liechtenstein to assure governments and bettors that they've employed the safest system possible. "We verify all funds," Skinner explained. "All moneys and funds are bonded and insured."

The formal banking trustee management services are provided by Cyberlink Monetary System (Vaduz, Liechtenstein), a data processing center that offers secure, confidential and safe licensed banking transactions. Skinner went on confirm that they've received backing from the governments of Austria and Germany. WINR's financial stability, its relationship with the governments involved and its policy of only working with credible casino operators combine to establish the "Winners Seal of Assurance."

The first site to utilize the new system will be Interbet Casino. The two companies reached an agreement in June 1998 and Interbet is expected to begin accepting play using the system by September 1. Between the licensing price and the processing fees, the agreement is expected to generate income of $500,000 to $600,000 per year for WINR.

Time will tell whether this impressive system of commerce will deliver some of the stability that the online gambling industry desperately needs, but WINR appears to be on the right track. If participating Internet casinos comply with the arrangement, this thing's got a solid chance of being a big success.

Based in St. Augustine, Florida, Winners Internet Network, Inc. is a publicly traded company on the NASDAQ Exchange. Skinner and his staff have extensive experience in tax and business consulting, offshore gaming payout structures, gaming accounting systems, marketing, and development of Internet products. The company's primary source of income will be the receiving of .05% of all transaction fees.

For more information on WINR, visit its website at http://www.winr.net.

Winners Internet Network, Inc. – One Giant Leap for Internet Gaming is republished from iGamingNews.com.
Emily D. Swoboda
Emily D. Swoboda