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Australian Online Casino Gambles on Indian Wagering

26 June 2001

AUSTRALIA – June 26, 2001 –As reported by the (Australia) "The Australian-owned Internet casino company has signed a joint venture deal with a pay television operator in India, paving the way for a roll-out of sports wagering and betting services for pay TV subscribers.

"…Established two years ago with seed funding of $3.5 million, is backed by the former chief executive of United Energy, Harvey Parker, former Tabcorp chief executive James Carroll and licensed club operator Andrew Spinks.

"…Documents obtained by The Age show, which operates under a licence granted by the Vanuatu Government, has teamed up with an undisclosed Asian pay TV station to tap into the region's estimated multi-billion-dollar wagering industry.

"A company insider said would move quickly to establish a presence in the Indian and Sri Lankan markets, targeting popular sports such as cricket, hockey and English Premier League soccer.

"He said customers of the joint venture would also be able to participate in paramutual betting, a system where punters can create their own tote and take odds from the marketplace. Paramutual betting has been touted as a huge money spinner for the Internet as it extends the traditional market from a group of friends gathered at a pub or around the television to an international market…"

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