Canadian lottery intellectual property rights developer announces a new solution it stated would revolutionise online gaming.
Thursday 30th October 2008
Canadian lottery intellectual property rights developer and licensor Lotto IP has revealed a new business solution that it claims will revolutionise the social and economic impacts of the online gaming sector in America.
The company is marketing the product under the name Game With Us and stated that the solution has been precisely designed to help guarantee a high level and value of public oversight while ensuring that profits from online gaming continue to fund public initiatives.
Lotto IP announced that states are currently forbidden by Federal regulations from organising and conducting interstate online gaming sites in the US. However, they are permitted to conduct intrastate online gaming under the Unlawful Internet Gambling Enforcement Act (UIGEA). It stated that Game With Us allows states to operate online sites while ensuring specific revenue flows, oversight and taxation.
“We’re already in discussion with a number of US state legislatures as well as Congress at the Federal level and there is significant excitement being generated around the impact this could have on the public and private gaming sectors,” said Edward McBride, Spokesperson for Lotto IP.
“In some districts, laws are being crafted now to permit the application of the new Lotto IP method and we expect to start signing agreements over the next 24 months.”
Lotto IP did not reveal whether it would be operating Game With Us directly or is seeking a buyer but stated that it was in discussions with major online providers.
“Essentially, for these companies it’s a question of how they can be a part of the inevitable transformation that this will bring to the sector,” said McBride.
“No matter what their decision, however, the impact that this will have is going to cause significant repercussions to the market share of existing private gaming sites and to how online gaming will be delivered in the future.”
Canadian lottery intellectual property rights developer and licensor Lotto IP has revealed a new business solution that it claims will revolutionise the social and economic impacts of the online gaming sector in America.
The company is marketing the product under the name Game With Us and stated that the solution has been precisely designed to help guarantee a high level and value of public oversight while ensuring that profits from online gaming continue to fund public initiatives.
Lotto IP announced that states are currently forbidden by Federal regulations from organising and conducting interstate online gaming sites in the US. However, they are permitted to conduct intrastate online gaming under the Unlawful Internet Gambling Enforcement Act (UIGEA). It stated that Game With Us allows states to operate online sites while ensuring specific revenue flows, oversight and taxation.
“We’re already in discussion with a number of US state legislatures as well as Congress at the Federal level and there is significant excitement being generated around the impact this could have on the public and private gaming sectors,” said Edward McBride, Spokesperson for Lotto IP.
“In some districts, laws are being crafted now to permit the application of the new Lotto IP method and we expect to start signing agreements over the next 24 months.”
Lotto IP did not reveal whether it would be operating Game With Us directly or is seeking a buyer but stated that it was in discussions with major online providers.
“Essentially, for these companies it’s a question of how they can be a part of the inevitable transformation that this will bring to the sector,” said McBride.
“No matter what their decision, however, the impact that this will have is going to cause significant repercussions to the market share of existing private gaming sites and to how online gaming will be delivered in the future.”