Progressive finalizes VirtGame acquisition

Oct 18, 2005 4:25 AM

Progressive Gaming International reported last week that it has completed its acquisition of VirtGame Corp.

As part of the transaction, Progressive Gaming (formerly Mikohn Corporation) will exchange up to 1,758,498 shares of its common stock for outstanding shares of VirtGame stock.

California-based VirtGame adds a variety of race and sports gaming products to the Progressive roster of slot machines and table game systems.

VirtGame’s PrimeLine Sports Book system, which has already been approved by Nevada regulators, is a software and hardware (Windows-based) system used to manage a race and sports book operation.

The PrimeLine system was introduced to Nevada last year, and is a direct competitor to American Wagering’s CBS sports wagering system, which dominates the Nevada market.

The PrimeLine system has already found its way into more than 30 Nevada sports books, including the Cal Neva group and Casino Fandango in Carson City.

"We are very excited to launch our first sports book at Casino Fandango utilizing VirtGame’s PrimeLine SportsBook, which meets all of our sports book management requirements," said Steve Forester, Casino Fandango’s manager. "It is a complete management system that is easy to use, easy to install, and is far more flexible and scaleable than the other systems that are currently approved in Nevada."

An extension of the PrimeLine system is VirtGame’s SBX (Sports Bet Express), Nevada’s first sports wagering kiosks designed for non-casino licensed locations such as bars and taverns.

SBX broadens casinos’ brand reach while allowing their customers more frequent sports book participation through an extended network.

"We have had a very busy 12 months with internal R&D developments, acquisitions and the establishment of strategic partnerships to grow and enhance our arsenal of innovative system and content offerings," said Russ McMeeking, chief executive officer of Progressive Gaming. "Our industry is undergoing both a significant technological convergence and geographic expansion and we believe that our new product lines position us very well in both the domestic and international markets."

Complementing the new sports books operating system is VirtGame’s Rapid Bet Live, an "event-within-an-event" wagering system that was unveiled at last month’s G2E convention.

Rapid Bet Live is a real time betting module that allows sports book customers to place live bets on various betting propositions that run throughout an entire sporting event.

Typically, 30-50 wagers are offered during the course of a game, such as the outcome of a drive, which team will score next, who will make a 3-point shot (in basketball), whether a batter hits or makes out and so forth.

Rapid Bet Live will be made available in a tabletop, computer version, a touch screen kiosk and as a wireless tablet, so players can make their bets in the comfort of a casino’s sports book.

Also at G2E, Progressive Gaming introduced Rapid Bet Simulated, a novel sports betting system that allows players to bet on taped sporting events as if they were watching them live.

The system introduced at G2E featured a simulated golf game in which betting options were offered on every hole.

Rapid Bet Simulated will also include betting on bowling, fishing and other sports events and activities.