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Most Recent Online Casino News

Atlantis Internet Group Announces Six Managed Virtual Reality Casinos

Atlantis Internet Group Corp., a publicly-traded Delaware corporation, announced that its software licensing and management agreement with Atlantis Gaming Corporation, a private affiliated company, will be able to generate revenues for the company starting on June 15, 2004. Prior to that date, the six web sites which Atlantis Gaming Corp. has operated as Virtual Reality Casinos in Curacao, Netherlands Antilles, have only been available as "play-for-fun". However, beginning on that date, Atlantis Gaming Corp. will make these six websites available to persons who do not reside in the territorial United States and may lawfully engage in internet gambling to play paid games of chance on these Virtual Reality Casinos.

Under a Software Licensing and Management Agreement which ATIG previously entered into with Atlantis Gaming Corp, ATIG is entitled to forty percent (40%) of the total gross winnings which are generated from lawful users of the websites, Gross winnings is defined as the total revenues generated from lawful users on the websites, less any amounts paid out as winnings to such users.

According to ATIG President Donald Bailey, "We are very excited about the fact that Atlantis Gaming is now ready to turn its ‘play for fun’ operations into ‘for pay’ operations, and that our Virtual Reality Casino software and support services will be proven again on these six websites."

Bailey added that "Outside of the United States, the popularity of legal internet gambling continues to grow, as evidenced by the number of companies involved in these activities. We hope that the United States will soon follow suit by reconciling its laws and regulations with those in place outside of it, so that everyone will be able to enjoy internet gambling equally. The efforts of the United States to ban internet gambling activities within its territories was the focus of a recent critical decision by the World Trade Organization. However, until US policy changes in this regard, ATIG and Atlantis Gaming will continue to require its processors, notably Net Teller, to screen out US residents from being able to participate in any gambling activities on their websites."

Read the entire article at: Business Wire 

2004 Online Casino News Archive


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