London (Feb 25, 2002) – Casinos have given away lots to attract players to their games -- from free hotels to stay to free money to play -- but never the "house" edge. Now there's an online casino that's giving away the house.
Casino Village on Net, a new gaming software company, has developed the world’s first peer-to-peer gaming platform under the banner “BeTheDealer” that for the first time allows players to enjoy “house” odds.
This is the first time a casino company has been able to provide players with the ability to play as the house for games such as blackjack and roulette. As a dealer, players can both increase their odds of winning and share the excitement of being a dealer. Players must accumulate sufficient credit points to become the dealer.
The company has signed on leading Internet websites Lycos and LastMinute in the U.K. These agreements, as well as others in the pipeline mediated by Ariadne Capital in Europe, helps position Casino Village on Net to capture a share of the growing online gaming market that market researcher Datamonitor estimates will grow to $5 billion in 2004 from $50 million in 1999 in Europe.
“It is the first casino in history to give away house odds,” said Bundeep Singh Rangar, COO of Ariadne Capital that advised Casino Village on its agreements. “Players can play for fun with pretend casino money before they go for the real stuff.”
Ariadne Capital ( http://www.ariadnecapital.com) helps growing companies sell their products and services by securing sales and distribution deals with customers and partners. It recently also helped California-based New.net, Inc. secure a deal with Italy's Tiscali, one of Europe’s largest communications service providers, to sell new customized domain names.
The deal engineered by Ariadne Capital enables Lycos to be among the first to offer BeTheDealer Casino ( http://www.lycos.co.uk/webguides/gaming/casino.html) and provide blackjack, roulette, video poker and slot machines in which players can opt to become the house and play against other players.
Players who opt for the real thing must bankroll the games themselves against other live players with whom the system randomly matches them. Would-be dealers first must earn a minimum number of house credits as a player and also must have a minimum balance in their online accounts before they can switch sides of the table. A low stakes blackjack dealer could get started with as little as £50 ($75).
“The online gaming industry is maturing and gaining credibility… BeTheDealer is the next inflection point,” said Julie Meyer, CEO of Ariadne Capital, Advisors to Casino Village on their Lycos and LastMinute partnerships. “BeTheDealer blends the breakthrough technology of an ICQ with the viral peer-to-peer distribution of a Napster. Casino Village is poised to be to gaming what eBay is to auctions - a top transaction-based P2P platform.”
Peer-to-peer technologies such as those employed by Napster and eBay are unique in their ability to virally market themselves to a large number of users. Similar to eBay, BeTheDealer charges as commission a fraction of the value transacted through its system thereby rapidly growing revenue.
It combines the best of Internet gaming – a multiplayer capability with a transaction fee model using proprietary algorithms that allows players to play as the house. Patent pending BeTheDealer, which until recently had been in stealth development at Israel’s Technion, goes live on two of the U.K.’s most trafficked websites, Lycos.co.uk’s gaming section and LastMinute.com's Staying In channel.
BeTheDealer’s launch comes on the heels of the unprecedented success of Betfair, a peer-to-peer sports betting site that recently bought rival Flutter.com in the U.K.
Person-to-person betting is considered by industry experts to be the most significant development for punters since over-round betting began 200 years ago. Betfair, which has drawn 60,000 registered players since it was founded 18 months ago said it expects to have trading volume of about £500 million ($800 million) this year.
What makes BeTheDealer exciting is that it extends the player vs. player technology to the world of casinos where the amounts wagered and hence, profit for the company and its partners such as Lycos and LastMinute, will likely be substantially more.
The growth in the online gaming industry prompted computer science graduates from the Technion in Israel to develop differentiated software to stand out from among the 1500 gambling sites on the Internet. The result was the world’s first peer-to-peer online casino to give away house odds.
Allan Goning, a company founder and one of the software inventors, said the idea came from students' casual conversations about gambling and why people would bet on the Internet. "The biggest concern was not being cheated. We eliminate that concern, because we’re not the house and don't care who wins as the house. Our money is made from a transaction-based commission."
Casino Village on Net, has its operations based in Dutch Netherlands Antilles, Curacao where it also holds its gaming license.
For further information, contact:
Bundeep Singh Rangar, COO, Ariadne Capital
Tel: +44 7866 457 295
Julie Meyer, CEO, Ariadne Capital
Tel: +44 7939 038 794
This press release was distributed by ResponseSource Press Release Wire on behalf of Ariadne Capital in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.