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By ELI GREENBLAT
Tuesday 26 June 2001
The Australian-owned Internet casino company gamble.com.au 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.
It is also believed that several European and South African casino operators have approached the gamble.com.au board to propose a capital injection. Global casino companies are attracted to the site's branding and profitable business model.
Established two years ago with seed funding of $3.5 million, gamble.com.au is backed by the former chief executive of United Energy, Harvey Parker, former Tabcorp chief executive James Carroll and licensed club operator Andrew Spinks.
Clubs Victoria, an umbrella body representing more than 500 Victorian licensed clubs, was an early supporter but was forced to back away from the company because of the political heat surrounding the industry.
Documents obtained by The Age show gamble.com.au, 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 gamble.com.au 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.
gamble.com.au's headquarters are located in the central business district of Vanuatu's capital Port Vila, and has a staff of 10 who monitor the casino site.
gamble.com.au was forced to scuttle its planned $16 million sharemarket float last year because of the Howard Government's warning that it would shut down Internet gaming sites run out of Australia.
One gamble.com.au director said he was furious with the Federal Government's decision last week to completely ban the industry, saying it was simply forcing expertise, technology and taxable revenue streams offshore.
He said gamble.com.au had a turnover of $US1 million ($A1.9 million) a month and was cashflow positive.
Tuesday 26 June 2001
The Australian-owned Internet casino company gamble.com.au 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.
It is also believed that several European and South African casino operators have approached the gamble.com.au board to propose a capital injection. Global casino companies are attracted to the site's branding and profitable business model.
Established two years ago with seed funding of $3.5 million, gamble.com.au is backed by the former chief executive of United Energy, Harvey Parker, former Tabcorp chief executive James Carroll and licensed club operator Andrew Spinks.
Clubs Victoria, an umbrella body representing more than 500 Victorian licensed clubs, was an early supporter but was forced to back away from the company because of the political heat surrounding the industry.
Documents obtained by The Age show gamble.com.au, 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 gamble.com.au 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.
gamble.com.au's headquarters are located in the central business district of Vanuatu's capital Port Vila, and has a staff of 10 who monitor the casino site.
gamble.com.au was forced to scuttle its planned $16 million sharemarket float last year because of the Howard Government's warning that it would shut down Internet gaming sites run out of Australia.
One gamble.com.au director said he was furious with the Federal Government's decision last week to completely ban the industry, saying it was simply forcing expertise, technology and taxable revenue streams offshore.
He said gamble.com.au had a turnover of $US1 million ($A1.9 million) a month and was cashflow positive.