Internet gaming group eBet has won approval to launch its card-based payment system for poker Machines across New South Wales, the second-biggest gaming region in the world.
EPS (electronic payment system), a form of which has been available to independent poker machine operators in New Zealand for ayear, enables punters to use a magnetic-stripe card to securely transfer money to and from pokies.
Yesterday the company, which is listed on both the Australian and New Zealand stock exchanges, successfully requested a trading halt while the system received final approval from the New South Wales Gaming and Racing Minister.
eBet managing director Keith Cullen said the supply of EPS systems throughout the state was "the single most-important development in eBet's history thus far."
Demand for EPS would probably give the company a record operating profit for the 2002 financial year.
He said the system would help to combat problem gambling because users would be better able to monitor how much they were spending, and fewer cash transactions would reduce the risk of armed holdups at gaming venues.
The company's online operations have been growing steadily with the formation of eBet USA, a joint venture with American firm Penn National Gaming.
eBet provides the sports betting infrastructure for the New Zealand TAB, which last year generated $30 million in revenue through its website.
Faced with Australian legislation banning online gambling except for sports and racing, eBet recently sold its Antigua-based casino website, but has the option to acquire it back. A decision on whether to do so will be made by September.
