To: Dan Meckenstock (190 ) |
From: Dan Meckenstock Thursday, Jun 18 1998 6:50PM ET
Reply # of 2300
Betting Inc. Defines its Mission
For the Record...
LAS VEGAS--(BUSINESS WIRE)--June 18, 1998--The business of Betting Inc. [OTC BB:BETT - news] is to facilitate PERFECT wagering transactions between the players and the gaming operators.
A PERFECT wager is a personal encrypted transaction that is originating from a remote site such as a home or office or car and which is encrypted and is either ATM card or value-added smart card authenticated. These are real-time electronic cash transactions for the gaming operator.
Wagers will originate from competing landline, wireless or computer equipment.
These PERFECT devices will be given away as with the Shop While You Wait application or will be aggressively mass marketed to the consumer by the phone or utility industry as a method to pay bills from home without writing checks or to purchase without giving a credit card to an operator.
It is the contention of Betting Inc. that many competing types of PERFECT equipment will flood into the marketplace such as the ET&T Pay Master (web site:hpos.com) and that consumers will pay bills, send donations, purchase or wager with these devices.
The business of Betting Inc. is to provide a service interface between the bank host processing centers such as ET&T who are processing these incoming PERFECT wagers by smart card or ATM card and the gaming operators who need to acknowledge receipt of payment to the host processing centers. Betting Inc. is paid a fee per transaction for this service. No accounts receivable.
Since the PERFECT wager is bank to bank, then instant government taxation of the player's winnings being sent by the gaming operator's bank to the player's bank is a reality.
The massive marketing forces of industries pushing to save substantial costs by cutting back on receiving bill payment by checks from their banked customers, closing walk-in bill payment locations for their non-banked customers who will now use PERFECT equipment and value-added smart cards from their homes to pay bills, combined with instant taxation of PERFECT wagering winnings in developed countries, will drive PERFECT equipment to give aways and will allow the average consumer PERFECT wagering on a global basis by 2001.
The mission of Betting Inc. is to establish a global PERFECT wagering presence and to service the first multibillion-dollar pool international PERFECT game occurring on the same day between participating countries.