eBet Limited has sold its internet casino subsidiary, www.casinoebet.com, to Cyprus Management Company N.V., operators of VIP Casino. eBet is a publicly traded company listed on the Australian and New Zealand Stock Exchanges (ASX/NZSE:EBT).
Australia’s online gambling moratorium prompted the sale. “Under the Federal Government’s recent internet gambling moratorium which comes into effect today, we determined the most practical course of action was to sell the casino,” said Keith Cullen, eBet’s Managing Director. “The terms of this sale ensure that we are well within the moratorium requirements and provide us some real flexibility should the legislative environment improve in Australia when the moratorium is over in May next year.”
VIP paid US$250,000 for the casino. The sale was completed today and VIP has assumed full management and control of www.casinoebet.com.
VIP will continue to use the eBet name under a trademark licensing agreement and will retain CasinoeBet’s existing customer base and its associated databases. CasinoeBet is powered by CryptoLogic casino software.
eBet holds an option to acquire back the issued capital of eBet Casino that may be exercised between 18 May 2001 and 7 September 2001 or earlier if permitted by Australian law.
“We are pleased to have disposed of this asset in an orderly fashion with limited interruption to the service and to existing or potential customers,” said Cullen. “The sale price represents full recovery of all establishment and operational costs associated with the casino and, if legislation permits, we have the right to exercise our buy back option and pick up where we left off. In the mean time, VIP is an experienced and competent operator who we are confident will do well with this valuable asset.”
Banks Reject Gambling Transactions
Recently some credit card banks based in the United States have started rejecting credit card transactions at some online casinos. According to a notice published by Club Monte Carlo Casino, players have had problems purchasing casino chips using credit cards issued by the following banks: Bank of America, Providian Bank, Capital One Bank, and Wachovia Bank.
The memo indicates that the following banks have not been a problem to date: Citibank, First USA Bank, Wells Fargo Bank, and Associates National Bank.
Not all online casinos are experiencing this problem. Wire transfers are unaffected.
Starnet Cuts 30 Employees
Starnet Communications International Inc. (OTC-BB: SNMM), a leading provider of Internet gambling สล็อต แตกบ่อย 2021 software, has announced a workforce reduction of approximately 30 employees at its Vancouver, B.C. based Inphinity Interactive subsidiary. The move was made to reduce expenditure levels and increase operating efficiencies.
Starnet said the reductions “are part of Starnet’s focus on aggressively pursuing opportunities to improve cash flow from operations without jeopardizing future revenue growth.” The total salary and benefits associated with the departed employees is in the range of $1 to 1.2 Million dollars (US).
As part of the reductions, Jason King, previously Inphinity’s Chief Executive Officer, has left the company. The reductions are effective immediately and are primarily in the managerial, administrative and support areas. Inphinity’s core development team remains intact.
“We have taken these measures in order to make Starnet and its subsidiaries a leaner, more client-focussed business group,” said Interim President and Chief Executive Officer Fred Hazell. “We are transforming our corporate culture from a software development focus to one devoted to business development and an improved bottom line.”
Starnet anticipates taking further measures to reduce overall company-wide expenditures in the weeks ahead.