American Wagering, Inc. announces joint venture with IGT.LAS VEGAS--(BUSINESS WIRE)--Dec. 5, 1996--AMERICAN WAGERING INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq NM: BETM) today announced that its subsidiary Computerized Bookmaking bookmaking Gambling practice of determining odds and receiving and paying off bets on the outcome of sporting events and other competitions. Horse racing is perhaps most closely associated with bookmaking, but boxing, baseball, football, basketball, and other sports have Systems Inc. (CBS (Cell Broadcast Service) See cell broadcast. ) and IGT IGT impaired glucose tolerance. , a subsidiary of International Game Technology (NYSE NYSE See: New York Stock Exchange : IGT) have agreed to move forward with the joint venture called Megasports. The joint venture will market and operate new pari-mutuel sports wagering products. IGT is the largest supplier and manufacturer of slot machines in the world and also is the dominant provider of wide area progressive systems to casinos. The preliminary terms of the joint venture agreement call for IGT and CBS to jointly market, develop and operate a new and different wagering system that has never before been available to sports bettors. Wagers WAGERS. A wager is a bet a contract by which two parties or more agree that a certain sum of money, or other thing, shall be paid or delivered to one of them, on the happening or not happening of an uncertain event. 2. The law does not prohibit all wagers. will be accepted in the pari-mutuel format on the outcomes of sport contests, events that occur within or during those contests and outcomes of a group of sports contests. All the casinos that participate in Megasports will be linked together and a progressive prize that will be determined by the volume of betting from these linked casinos will be offered. The joint venture plans to initially offer Megasports in Nevada with a planned rollout in the international market in the future. The start up date for Megasports will be announced upon receipt of all required regulatory approvals. Commenting on the joint venture, American Wagering, Inc. President Vic Salerno said, "This joint venture once again shows that American Wagering continues to be the dominant force in sports betting Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. Perhaps more so than other forms of gambling, the legality and general acceptance of sports betting varies from nation to nation. . The rights to Megasports was one of our primary reasons for the previously announced acquisition of Autotote CBS Inc. Considering the fact that Megasports will be the first progressive system for sports betting that will link all the casinos in the network, it was logical that IGT would be our partner in the venture. When you think of wide area progressive systems, you think of IGT. The combination of our sports betting expertise and IGT's progressive systems expertise is a natural for this type of venture. We are also confident that Megasports will assist us in our quest to enter the lucrative international markets and penetration into the major casinos in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. ." Bob Bittman, Executive Vice President of Product Development for IGT, said "We are very excited about Megasports. This innovative new sports wagering program will further expand the Nevada gaming product as well as provide worldwide opportunities." American Wagering, Inc. owns and operates Leroy's Horse and Sports Place, the licensed bookmaker with the largest number of sports book locations in the state of Nevada. American Wagering Inc. is the leading provider of sports and race book systems in Nevada and also owns and operates a 150-room hotel/casino complex in Las Vegas. The information contained herein was obtained from the management of AMERICAN WAGERING, INC. and other sources deemed to be reliable. This does not constitute the solicitation of the purchase or sale of securities. Lippert/Heilshorn & Associates, Inc. is employed by the Company as its investor relations Investor relations The process by which the corporation communicates with its investors. firm. CONTACT: Robert Ciunci Chief Financial Officer (702) 735-0101 or Jeffrey Volk/John Heilshorn Lippert/Heilshorn & Associates, Inc. (212) 838-3777 |
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