LiveBet, a wholly owned subsidiary of eCompany Holdings Limited, today announced it had signed a deal with Azeka, a significant Asian online gaming consortium, to use its online sportsbetting platform. Andrew Beveridge, CEO of eCompany`s gaming division, said, "Although we already have commitments to purchase the software from two of South Africa`s leading sportsbetting operations, this is the breakthrough into the international market we have been striving for. Our new client has compared our product to the best there is worldwide, and we`ve come out ahead. In fact, we are also in discussion with a number of other potential offshore customers".
eCompany has developed LiveBet, a real-time, online sports betting platform, enabling traditional bookmakers to control and operate an online sports-betting business, covering a wide range of sports. LiveBet provides information on events, venues, players and results and can accommodate 8,000 simultaneous bets per second. LiveBet is proprietary technology, which handles both fixed odds betting and spreadbetting.
Online gaming is one of the most exciting and challenging spaces in the e-commerce arena to operate in, with a minefield of regulatory requirements to be accommodated, and latency issues with the timing of issuing odds and accepting bets requiring highly efficient technology. In addition, security, flexibility, scalability and robustness are all priority features for LiveBet`s customers.
The combination of gaming and the Internet has unleashed a very potent commercial force. Revenues from traditional gaming alone already dwarf those generated by the global media, recording and movie industries combined. Internet gaming is currently growing at a compound rate of 60% annually, and one estimate projects online gaming revenues to be in excess of US$75 billion by 2010.
"More than 40% of online gaming revenues is likely to come from online sportsbooks, and considering these currently comprise only a fraction of the 1,500 plus Internet gaming sites, we plan to sell a lot of systems", said Andrew Beveridge.
Sheldon Cohen, CEO of eCompany says: "We have already established a presence in Sydney and London, and together with eCompany`s ability to provide development resources and call centre support operations, we are well positioned to become a major platform supplier in this industry".
"LiveBet enables eCompany to offer a seamless and instant online betting solution, including a web front-end, a sophisticated risk management system, integration with telephone and physical betting activities, a back-office client administration system, access to streamed content and a secure real-time payment authorisation system," explains Cohen. "In addition, eCompany advises the client on marketing, regulatory and fraud risk issues and facilitates the establishment of licensed and secure operations."
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