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Australia's Gocorp Serenades the $1 Billion Lottery29 November 2000SYDNEY, Australia – Nov. 29, 2000 – As reported by the Sydney Morning Herald: ``The world's largest lottery jackpot of US$1 billion is up for grabs on the Internet and could soon be operating out of Australia - but it is not clear if Australians will get a chance to share in the winnings. ``Queensland's online casino Gocorp has signed a heads of agreement with MaxLotto to relocate its online lottery business to Australia. ``Launched two months ago, the US-owned MaxLotto operates out of the Dominican Republic, selling tickets in its US$100 million and US$10 million online lotteries to players outside the US. ``As the first Australian company to be awarded an interactive gaming licence by the Queensland Government, Gocorp will exploit its relationship with the local regulators to help MaxLotto secure an online gaming licence. If successful, Gocorp will receive a 10 per cent stake in MaxLotto. ``MaxLotto is in the process of establishing a US$1 billion (AUS$1.9 billion) jackpot lottery, negotiating with Lloyd's of London to underwrite the prize pool, thought to be the largest of its kind in the world. "The decision to allow Australians to buy tickets in this lottery, should MaxLotto take up residence here, will rest on the legislative and political environment at the time. ``…The worldwide online lottery market is estimated to be worth US$7 billion a year. |