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Seven's Net Bet Move Draws Fire31 December 2000AUSTRALIA – Dec. 31, 2000 – As reported by the Age.com: "The Seven television network has become a key player in a global interactive wagering system to capture a huge share of the estimated $10 trillion a year from online gambling. "The company behind the scheme, EventsMarket Pty Ltd, has developed a stock exchange or futures-style wagering system that allows punters to buy and trade coupons at fixed prices on events of any kind. "Confidential company documents reveal that in 1999, EventsMarket hoped to eventually take 50 per cent of the national sport wagering market and 15 per cent of the world market by linking its gambling activities to interactive TV and a vast network of affiliated websites. "…Under the system punters buy opposite sides of $1coupons issued on an event - for instance, the outcome of a football match. As conditions change in the lead-up to, or during the match, the price will change and punters can buy or sell. "The company sees its service more as brokering than bookmaking. The operator brokers bets and does not take a risk. EventsMarket makes profit by taking a commission. Bets can be as low as $10 or as high as the market will bear. "…Company documents show that in 1999 EventsMarket planned to pay royalties in return for click-through advertising on a network of sporting and other websites across the world. "…EventsMarket also planned to take advantage of Seven's link with the AFL, use the i7 and AFL websites for click-through advertising for football betting, and use the 2000 season to launch the new wagering bonanza. "…Seven's involvement in online gambling has angered the Inter-Church Gambling Taskforce…" |