|New Zealand software company Feverpitch Feverpitch has signed a joint venture deal with Costa Rica based betting software developer iNet.|
In a royalty-sharing deal, the two companies will combine their software, offering iNet's online gambling operator customers a system that allows peer to peer betting – whereby players bet against other players, with bets matched at an exchange web site.
Feverpitch has been developing its FVR Pro software for the past 18 months
The Auckland, New Zealand–based company had intended to launch its own internet betting portal up against similar established Internet betting companies in the UK.
But less money had been raised through listing on the New Capital Market than expected, and Feverpitch decided to concentrate on software development, licensing betting technology to online operators.
Feverpitch managing director Derek Handley said that after raising only $770,000 ($ NZ 1.7 million) through the listing the company had gone overseas to obtain more.
'We secured a commitment for money in Hong Kong, but shortly after the Government there banned Internet gambling so our investor pulled out,' Handley said.
Handley then sought out potential business partners as far afield as Las Vegas.
He said money would probably be paid upfront to Feverpitch as a result of the partnership, but revenue from the deal would depend whether the punters like the product.
INet had dozens of online gambling operators as customers. Handley will soon return to Costa Rica to install the software for one of INet's larger customers.