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Wednesday 12th January 2005
RAM Investment, the Edinburgh-based investment company, has said it has agreed a joint venture deal with Tiger Telematics to exploit the technology in Tiger’s recently-launched mobile console dubbed 'Gizmondo'.
The device is specifically aimed at the gambling market and RAM’s directors believe that the tie-up with Tiger offers the chance to benefit from 'a large untapped market' and one which they feel could generate strong revenues for RAM 'in the medium to long term'.
A new company called Tiger Gambling Ltd has been formed to drive the venture, in which RAM will be a 25 per cent partner - although profits will be shared on an equal basis - but be responsible for the day-to-day management of the Gizmondo strategy.
The firm said it was already in 'detailed discussions' with well known blue-chip international online gambling and established betting organisations on Gizmondo and had already received 'extremely positive feedback'.
Chairman Edward Adams said: ' Currently, volumes in online gambling are increasing strongly each month and consequently, in our view, the Gizmondo has huge potential.
'I can report that we are already in discussions with some of the industry’s top gambling and casino companies with a view to agreeing partnerships and licence deals.'
Under the agreement, RAM will be granted a global licence to promote and develop the console in the gambling market for an initial 18-month period. A three-year extension will be granted provided that the initial sales targets are achieved.
'Revenues will be driven from many sources such as equity and currency trading, spread betting, sports betting, gaming and traditional gambling such as poker, black jack and roulette,' RAM said.
Source: OnlineCasinoNews
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