OpenTV Bets on BettingCorp

Author:
Publish date:

OpenTV Corp. is extending its tentacles a little deeper into the betting
business, announcing that it's acquiring nearly all of the assets of BettingCorp
Ltd. for approximately $10 million.

BettingCorp provides betting and gaming technology on OpenTV software on
British Sky Broadcasting Group plc’s direct-broadcast satellite platform.

BettingCorp's technology allows gaming and betting providers to extend their
services to the Internet, TV and wireless platforms using one back-end
management system and a single user account. The company also offers back-office
operating modules and games, plus customer-relations management, support and
marketing services.

The company's technology is behind the "Play Monte Carlo" game platform on
BSkyB. The game offers fixed-odds multiplayer digitized horse-racing games, as
well as numbers games, dice games and slot-type games to BSkyB's 6.8 million
subscribers.

BettingCorp casino games can be found at www.4Gcasino.com and soccer games at www.TotoPools.com.

"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 [interactive TV], allowing them the opportunities to broaden their
product offering to their customers and to increase their revenues," OpenTV
chairman Peter Boylan III said in a prepared statement.

OpenTV said it paid cash and stock for the company, plus assumption of
liabilities, with the stock consideration making up 70% of the $10 million
purchase price.

The company added that it expects to invest $3 million-$5 million in
BettingCorp over the next few years.

Related