The company is developing artificial intelligence technology to create a unique virtual reality gaming experience that can be played in real-time and on-demand in a multi-player format. The first application, which will be launched in mid 2005, is an online football management game named coreFootball.
Betinternet has negotiated an exclusive six month agreement to exploit the wagering opportunities presented by the game.
In addition, through its equity stake in Global Coresports, Betinternet will benefit from the global licencing of the wagering and skill-based applications provided by coreFootball and the successor team games which are expected to be developed.
“We are constantly seeking new income streams to diversify our business, and are especially pleased at the potential new income stream which an interest in Coresports will provide us with. This, together with a re-vamped high volume wagering activity, is anticipated, in a relatively short period of time, to replace the business lost by the suspension of the IPA activity,” said Paul Doona, Managing Director of Betinternet.
IPA\’s activity, which has provided Euro Off-Track, a subsidiary of Betinternet, with player referral services for approximately two years, has been suspended when the board of Betinternet has become aware that the owner of IPA is being investigated by New Hampshire regulatory authorities and the Pari-Mutuel Commission.
Betinternet is now looking for alternative sources of income. Specifically, a high volume activity which would be managed entirely by the Company, not requiring the assistance of a third party, such as IPA. The Company expects to launch it, in full co-operation with the US tracks, around the start of its new financial year.
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