To: Dan Meckenstock (275 ) |
From: SCOOBEY-DO Thursday, Jul 9 1998 6:27PM ET
Reply # of 2319
Hey Dan and all BETT investors,
Tom Hughes says that this thread is keeping him on his toes. You and the other member have come up with very good questions. The following is in response to your questions, Dan:
"1. Exactly, The goal is to remain transparent to the consumer who does not need to know about either the bank host ET&T driving the transaction or Betting Inc. which is connecting to the gaming operators.
2. Existing cell phones can not send ATM card with PIN transactions. Only GSM 2+ phones can send smart card authenticated transactions. No phones are designed with the simple solution of keeping the cards in memory and only entering PINs as a volatile memory input.
3. We concur with your assessment and are looking for a gamer that is interested in partnering with us at the Gate level and will receive a cut on every transaction being sent to competitive companies.
4. In the United States, we are collecting $6 for account replenishment or opening...the actual bet is placed by the player with their service. The fee of $6 compares favorably with the present fee to the player of $10 plus 3% to 5% of the funds being sent by credit cards to either open or replenish accounts.
5. Find me the odds maker, and we'll make him a partner. You can also participate as a finder on a continual residual basis.
6. Taxes refers to the following example: You check into the Hilton in Miami and in your room find a PERFECT device. You use it to pay the phone bill back in Michigan with your ATM card, purchase an item off television, and then decide to play the Florida Lottery with a $10 bet using your ATM card. You win the equivalent of a scratch off for $250. The Florida Lottery bank send the winnings to your bank less Florida and Federal taxes. Your receipt prints in the hotel room for your tax records.
7. Any gamer can be a PERFECT wagering merchant. We are speaking with two interested parties at the CEO level. One is a $100 million dollar company and the other is $300 million."
Dan, Thanks for asking very detailed questions. The more informed information we can get out on the thread, the more confident and knowledgeable the BETT investors will be.
I have a question regarding the taxes withheld on winnings. I know that in Nevada winnings are not reported to the government unless the winnings are over $1,500. Will there be a cut off under which taxes will not be withheld?
Tom, Thank you for taking time out of your busy schedule to answer all the question that have been raised on this thread. We do appreciate the honest answers. Long and Strong on BETT. Scoobey