eCompany Holdings Limited, a leading electronic commerce operator, is aiming to capture a significant share of the international Internet gaming market, following the launch of the world`s first online, real-time sports spreadbetting software platform, LiveBet early next year.
LiveBet (Pty) Ltd has developed locally a proprietary fully integrated, Internet-enabled platform, which handles both fixed odds betting and spreadbetting, will allow South African, British, Australian and other international bookmakers to manage their businesses online and offer global customers the chance to bet on the entire range of popular sporting events in real-time via the Internet.
In addition, eCompany CEO Sheldon Cohen says Atlantic Sportsbet (Pty) Ltd, in which eCompany has taken a significant strategic stake, will launch the world`s first online sports fixed odds- and spreadbetting site early next year, utilising LiveBet. Sportsbet was launched on 1 October 1999, following a management buyout of the infrastructure and customer base of SuperBet, from its previous owners, MIH Limited.
LiveBet may be made available to local bookmakers during 2000, in a scaled down version providing an alternative to the currently -utilised bookmaking software. LiveBet, with its unique integrated Internet readiness, is confident that it can capture a significant part of the South African bookmaker market.
Cohen says the online gaming market is currently projected to be worth about $7 billion a year in 2001, and is growing at an annual compound rate of 60%. The South African sports betting market is currently estimated to be worth around R500 million.
Both the LiveBet and Sportsbet deals form part of eCompany`s strategy to develop a world class e-commerce sportsbetting component, as part of its games and gaming platform. Other platforms include travel, and investment.
LiveBet will be marketed to bookmakers both locally and internationally, with particularly the large sports betting operations of Australia and Europe having been identified as opportunities. The software adds value to bookmakers by providing a full administrative and exposure management system, an online facility, risk management capabilities and by enabling the bookmaker and customers to access databases on sporting events, historical information and statistics.
Cohen says the combination of LiveBet and Sportsbet creates a formidable presence in the gaming industry. "Each company is impressive in its own right, and together they can become a world leader in sportsbetting. The LiveBet technology platform needed operating knowledge, in particular spreadbetting and risk management. In return, Sportsbet will benefit from rapid Internet enablement and enhanced back-office systems".
The LiveBet and Sportsbet announcements follow soon after eCompany, through a wholly owned subsidiary Magenta, entered into a partnership with the world`s leading online games provider, the US-based Mplayer, to provide an easily accessible online games platform in sub-Saharan Africa. The Mplayer deal also forms part of the games and gaming platform.
In addition to opening up a world of multi-player online games to an African audience estimated currently at 2 million, Cohen says the deal, valued at R1.7 million, would benefit ISPs and Portals because online games enjoy up to 8%
of user-minutes on the Internet, providing much sought-after "stickiness" - the retention of visitors at a site. Mplayer is a subsidiary of Mpath, which is listed on the New York Stock Exchange and currently has a market capitalisation of in excess of $300 million.
Andrew Beveridge, formerly Business Development and Risk Manager at International Gaming Networks (IGN), was appointed Executive Director: Games and Gaming at eCompany on 1 October 1999.
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