|Casino Village on Net, a new gaming software company, announces the release of the world’s first peer-to-peer gaming platform that for the first time allows players to enjoy “house” odds. Patent pending BeTheDealer.com, which until now has been in stealth development at Israel’s Technion, goes live this month on one of the U.K.’s top portals, Lycos.co.uk.|
BeTheDealer combines the best of Internet gaming – a multiplayer capability with a transaction fee model using proprietary algorithms that allows players to play as the house. This is the first time a casino company has been able to provide players with the ability to play as the house for games such as blackjack and roulette. As a dealer, players are can both increase their odds of winning and share the excitement of being a dealer. Players must accumulate sufficient credit points to become the dealer.
Peer-to-peer technologies such as those employed by Napster and eBay are unique in their ability to virally market themselves to a large number of users. Similar to eBay, BeTheDealer charges as commission a fraction of the value transacted through its system thereby rapidly growing revenue. BeTheDealer has signed on leading Internet portals Lycos and LastMinute in the U.K. These agreements, as well as others in the pipeline in Europe mediated by Ariadne Capital, helps position the company to capture a share of the growing online gaming market that market researcher Datamonitor estimates will grow to $5 billion in 2004 from $50 million in 1999 in Europe.
“The online gaming industry is maturing and gaining credibility… BeTheDealer is another inflection,” said Julie Meyer, CEO of Ariadne Capital, Advisors to Casino Village on their Lycos and LastMinute partnerships. “BeTheDealer blends the breakthrough technology of an ICQ with the viral peer-to-peer distribution of a Napster. Casino Village is poised to be to gaming what eBay is to auctions - a top transaction-based P2P platform.”
BeTheDealer’s launch comes on the heels of the unprecedented success of Betfair, a peer-to-peer sports betting site that recently bought rival Flutter.com in the U.K. Person-to-person betting is considered by industry experts to be the most significant development for punters since over-round betting began 200 years ago. Betfair, which has drawn 60,000 registered players since it was founded 18 months ago said last month it expects to have trading volume of about £500 million ($800 million) this year.
What makes BeTheDealer exciting is that it extends the same player vs. player technology to the world of casinos where the amounts wagered and hence, profit for the company and its partners such as Lycos and LastMinute, is likely to be substantially higher.
The growth in the online gaming industry prompted computer science graduates from the Technion in Israel to develop differentiated software to stand out from among the 1500 gambling sites on the Internet. The result was the peer-to-peer online casino BeTheDealer.com, which has been commercialized by Casino Village on Net. It has its operations based in Dutch Netherlands Antilles, Curacao, where they also hold their gaming license.
Ariadne Capital helps growing companies sell their products and services by securing sales agreements with customers and partners. It recently also helped New.net secure a deal with Tiscali, one of Europe’s largest communications service providers, to sell new customized domain names.
Julie Meyer, CEO, Ariadne Capital
Tel: +44 (207) 653 0236
Bundeep Singh Rangar, COO, Ariadne Capital
Tel: +44 (207) 653 0215