|SAN FRANCISCO & LONDON--OpenTV (Nasdaq and Euronext Amsterdam:OPTV), one of the world's leading interactive television companies, today announced that it has acquired substantially all of the assets of BettingCorp Limited, a leading London based developer and operator of betting and gaming technology and consumer services. |
BettingCorp's proprietary technology allows an operator of gaming and betting services to offer those services across Internet, iTV and wireless platforms using one back-end management system and a single user account. BettingCorp licenses its server-based betting and gaming platform as well as various back-office operating modules and custom made front-end games. The company also offers operating support to its licensees including real-time CRM and support, risk management and marketing on a cross platform basis. BettingCorp is in the process of developing what it calls the 'ultimate' remote betting and gaming platform which will offer traditional lottery, pools and casino operators one platform from which they can operate any betting product (event based or instant) across Internet, iTV and wireless platforms. Licensees using this remote betting and gaming platform will be able to offer products ranging from scratch cards via cellular phone or multi-player poker and betting via iTV all using the same back-end system and one single account.
BettingCorp's consumer services include the iTV betting service, 'Play Monte Carlo,' which offers fixed odds multi-player digitized horse racing games as well as fixed odds numbers games, dice games and themed slot-type games to all 6.8 million BSkyB digital subscribers in the United Kingdom. In addition, BettingCorp has relationships with all three cable operators in Israel, and offers play for fun games to tens of thousands of iTV users in Israel. Recently, BettingCorp has tapped the in-room hotel entertainment market by offering what is believed to be the first Internet-based betting and gaming service to be offered in hotel rooms via the hotel's TV system. BettingCorp also offers an entire suite of casino-type games accessible via www.4Gcasino.com and a weekly European-style football pools game via www.TotoPools.com on the UK Premier League and in addition, BettingCorp has safeguards in place to block wagers from markets where such wagers are illegal.
'With its advanced technology, talented management team led by the founder Michael Lobel, and successful consumer services, BettingCorp is at the heart of the rapidly-growing global interactive betting and gaming market. In particular, the quality of its technology and the leadership that BettingCorp has shown in the interactive TV arena is exciting. By incorporating BettingCorp's technology into OpenTV's product offering, we believe we can provide our customers with the most advanced betting and gaming solution for iTV, allowing them the opportunities to broaden their product offering to their customers and to increase their revenues,' said Peter C. Boylan III, Chairman of OpenTV.
'We are very pleased to complete the OpenTV transaction', said Michael Lobel, Founder and CEO of BettingCorp. 'Our belief is that betting and gaming is and will be a major content category for iTV, Internet and wireless operators globally. We have already proven in the UK, on Sky Digital, that our fixed odds games are extremely popular with iTV users. These fixed odds games, part of the Play Monte Carlo real money betting service, can generate considerable revenue opportunities for operators and for OpenTV alike. We see a huge untapped legal remote betting and gaming market in many countries around the world and our aim is to bring together state and privately run licensed gaming operators with new media operators using our proprietary technology and OpenTV's strategic relationships. Each country must be reviewed from a legal and social perspective to make sure that we pursue these opportunities in a careful and thoughtful way. We look forward to pursuing these opportunities as a part of the OpenTV family.'
Mr. Lobel continued, 'We are delighted to become part of OpenTV, with its unmatched technology and wide ranging client base, and we believe that our relationship with OpenTV will assist us to become the leading remote betting and gaming technology provider and operator worldwide.'
The acquisition was consummated through a combination of cash and stock consideration and assumption of liabilities, with the stock consideration comprising approximately 70% of the $10 million purchase price. OpenTV anticipates that it will invest approximately $3-$5 million in BettingCorp over the next few years to fund operations and to expand their product line.
One of the world's leading interactive television companies, OpenTV provides a comprehensive suite of technology, content, games, tools, applications, and professional services that enables cable and satellite network operators in over 70 countries to deliver and manage iTV services on all major digital TV platforms. OpenTV's technology platforms enable interactive television to over 47 million set-top boxes on 43 different networks worldwide; 20 million in the U.S. alone. OpenTV has developed over 300 games that are currently available to over 12 million subscribers on 7 networks. OpenTV has developed 24 applications in nine languages. OpenTV has ported its various technologies to 36 set-top box manufacturers around the world. OpenTV holds 944 issued and pending patents with over 38,000 claims including 307 issued patents worldwide, 76 of which are U.S. issued patents. OpenTV has Corporate Offices in San Francisco, California and Tulsa, Oklahoma, and regional offices in the United States, Europe and Asia/Pacific. For more information, please visit www.opentv.com.
BettingCorp is a leading developer and operator of betting and gaming technology and consumer services. Its proprietary technology allows an operator to offer gaming and betting services across the Internet, iTV and wireless platforms using the same back-end management system and a single user account. Its consumer services include the iTV service Play Monte Carlo, and the web services 4Gcasino.com and TotoPools.com. BettingCorp has offices in London, England and Israel. For more information, please visit www.BettingCorp.com.
This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those contemplated herein, including statements regarding the development by BettingCorp of a new remote betting and gaming platform and the functionality of that platform, and statements regarding the demand for betting and gaming content. Actual results can differ materially. Risks and uncertainties that could cause actual results to differ include, but are not limited to, the impact of technological constraints and changes in technology, customer and end-user acceptance of betting and gaming services, changes in, or the failure or the inability to comply with, government regulation and adverse outcomes from regulatory proceedings, and other risk factors detailed in the documents filed from time to time by OpenTV Corp. with the Securities and Exchange Commission, including those risk factors detailed in Item 1 of OpenTV Corp.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 11, 2003. OpenTV undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events, or otherwise.
OpenTV and the OpenTV logo are trademarks or registered trademarks of OpenTV, Inc. in the United States and other countries. All other trademarks are the property of their respective owners. Not all BettingCorp products and services are available in all geographic ar