To mark the start of our advertising on the Rx, I wanted to give readers a bit of history about Betworks.com. We are certainly not the new kids on the block. In fact, the origins of this business can be traced back over 30 years.
We were originally MegaSports (ACT) Pty Ltd. We were granted an ACT sports betting licence in November 1998. At that time, it was the fourth and final licence available to be granted in this jurisdiction. The licensing approval and probity processes involved full fingerprint, criminal and financial history checks of all key individuals involved in owning and running the business.
Wagering commenced in December 1998. The original owner of MegaSports was American Wagering Inc. (AWI), which among other business units, is the owner and operator of the Leroys chain of sports books throughout Nevada. AWI searched the globe to find a credible and appropriate licensing jurisdiction in which to establish their online betting subsidiary. The jurisdiction that they chose was the Australian Capital Territory (ACT).
Because the owners of this business were US licensed, AWI was required to not allow MegaSports to accept wagers from the US. Significant operational and technological controls were implemented to ensure that we did not knowingly accept wagers from the US. About six months after wagering operations commenced (June 1999), MegaSports was the subject of regulatory action taken by the Nevada gaming authorities, where a person purporting to be Canadian (Canadian address, Canadian ISP and IP address etc), established an account and started wagering. After some 10 days or so, it was determined that the person was not legitimate (i.e. he was located in the US). The established internal controls identified this and all bets were voided and the original deposit returned.
Rather than accepting that the internal controls were ultimately effective and the US bettor was identified, the Nevada authorities took action against AWI on 13 counts of breaching Nevada law. After some 12 months of negotiation, the final penalty was a monetary fine and an order for AWI to divest itself of this business.
The sale process was finally completed in June 2002. Effective 1 July 2002 AWI sold this business to Euraust Ltd, a public company listed on the Australian Stock Exchange (code EUR). Once again all key personnel (Directors and key officials) of Euraust Ltd were subject the rigorous background and probity assessment to ensure their suitability to be involved in a gambling activity.
Following the change of ownership, we decided to rebrand the business to facilitate our access to the US market, we changed the name to Betworks and launched a new flagship site www.betworks.com. So whilst it may seem that it has only been since November 2002 that the name of Betworks appeared, we really have been around for a much longer time.
Betworks is in the same jurisdiction in which Canbet was established. Because of Australia’s long history of lawful gambling and record of strong gambling regulation and consumer protection, you can be assured that when betting with Betworks, you do so with the safety and security that all players should be entitled to.
That is a brief history, I am happy to provide information in respect of Betworks, the company, the services we provide, the regulatory arrangements and consumer protection measures here in the ACT.
I am not going to attempt to say that we are the biggest and the best. We know we have to prove ourselves and we know that some parts of our business (including the software) do need refining. We are working on addressing those issues and it will be a continuing quest to refine and improve this business so that we meet the needs and expectations of our customers
Once again, thanks to all those that have taken the time to provide some feedback on Betworks and I hope you continue to enjoy the service and security we offer.
We were originally MegaSports (ACT) Pty Ltd. We were granted an ACT sports betting licence in November 1998. At that time, it was the fourth and final licence available to be granted in this jurisdiction. The licensing approval and probity processes involved full fingerprint, criminal and financial history checks of all key individuals involved in owning and running the business.
Wagering commenced in December 1998. The original owner of MegaSports was American Wagering Inc. (AWI), which among other business units, is the owner and operator of the Leroys chain of sports books throughout Nevada. AWI searched the globe to find a credible and appropriate licensing jurisdiction in which to establish their online betting subsidiary. The jurisdiction that they chose was the Australian Capital Territory (ACT).
Because the owners of this business were US licensed, AWI was required to not allow MegaSports to accept wagers from the US. Significant operational and technological controls were implemented to ensure that we did not knowingly accept wagers from the US. About six months after wagering operations commenced (June 1999), MegaSports was the subject of regulatory action taken by the Nevada gaming authorities, where a person purporting to be Canadian (Canadian address, Canadian ISP and IP address etc), established an account and started wagering. After some 10 days or so, it was determined that the person was not legitimate (i.e. he was located in the US). The established internal controls identified this and all bets were voided and the original deposit returned.
Rather than accepting that the internal controls were ultimately effective and the US bettor was identified, the Nevada authorities took action against AWI on 13 counts of breaching Nevada law. After some 12 months of negotiation, the final penalty was a monetary fine and an order for AWI to divest itself of this business.
The sale process was finally completed in June 2002. Effective 1 July 2002 AWI sold this business to Euraust Ltd, a public company listed on the Australian Stock Exchange (code EUR). Once again all key personnel (Directors and key officials) of Euraust Ltd were subject the rigorous background and probity assessment to ensure their suitability to be involved in a gambling activity.
Following the change of ownership, we decided to rebrand the business to facilitate our access to the US market, we changed the name to Betworks and launched a new flagship site www.betworks.com. So whilst it may seem that it has only been since November 2002 that the name of Betworks appeared, we really have been around for a much longer time.
Betworks is in the same jurisdiction in which Canbet was established. Because of Australia’s long history of lawful gambling and record of strong gambling regulation and consumer protection, you can be assured that when betting with Betworks, you do so with the safety and security that all players should be entitled to.
That is a brief history, I am happy to provide information in respect of Betworks, the company, the services we provide, the regulatory arrangements and consumer protection measures here in the ACT.
I am not going to attempt to say that we are the biggest and the best. We know we have to prove ourselves and we know that some parts of our business (including the software) do need refining. We are working on addressing those issues and it will be a continuing quest to refine and improve this business so that we meet the needs and expectations of our customers
Once again, thanks to all those that have taken the time to provide some feedback on Betworks and I hope you continue to enjoy the service and security we offer.
