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Australia's EBet Collects US Winnings

3 July 2000

SYDNEY, AUSTRALIA – July 3, 2000 – As reported by Computer Daily News: "Australian-based online betting company eBet Ltd [AUS:EBT] has placed its own wager on US partner TrackPower. It has sold its US subsidiary, eBet Racing USA Inc., to TrackPower for 12 million shares and 5 million warrants, a stake worth about US$8.6 million.

"…EBet will appoint two directors to the seven-person board of New TrackPower and will nominate the CEO.

"…A statement to the Australian Stock Exchange (ASX) says New TrackPower will contract with eBet for Interactive and Web-based development services worth a minimum of $500,000 over the next 12 months. `This development will focus on emerging development platforms for TrackPower's products such as Palm Pilots, WAP devices and interactive television,' the statement says.

"Speaking from the US, eBet Managing Director, Keith Cullen, said, `We believe the revised terms we have agreed provide eBet shareholders with an improved entry into the lucrative US racing market with excellent upside and reduced risk...'"

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