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Atlantis Internet Group Signs Agreement to Supply Legal Online Poker Nationwide to Indian Casinos
Tribal Gaming Network to Launch ATIG Into $30 Billion Online Gaming Market
LAS VEGAS, NV, Sep 08, 2010 (MARKETWIRE via COMTEX) -- Atlantis Internet Group Corp. (PINKSHEETS: ATIG) announced today that it has signed a licensing agreement with Cake Gaming NV to allow patrons in tribal casinos in more than 30 states to play poker online, legally and immediately. Cake, one of the largest and fastest growing poker networks in the world, currently supplies poker software in several legal international gaming jurisdictions. Now, backed by the legal opinion of the National Indian Gaming Commission (NIGC) for its patent pending "Casino Gateway Network" (CGN), ATIG is poised to establish a private gaming network on Indian Lands. This revolutionary technology will allow tribal casinos to offer a form of Internet poker across state lines.
There is $30 billion in Internet gaming revenue generated worldwide now, without the U.S. market. Analysts are quick to point out that before the U.S. Congress passed the 2006 Unlawful Internet Gaming Enforcement Act (UIGEA), two-thirds of the worldwide Internet gaming revenue came from the U.S. That means billions of Internet gaming revenue dollars within the U.S. market now remain untapped. While the UIGEA put an end to Internet gambling in the U.S., it provided certain exceptions for Indian Casinos and Intertribal Internet gaming and states that pass Intrastate Internet gaming legislation.
ATIG will now be the only poker network operating in more than one state at a time. This also allows tribes to aide their respective communities which have been hard hit by the sagging economy. "Our Indian version of the CGN, called the 'Tribal Gaming Network' ('TGN') offers an immediate and legal solution to Indian casinos nationwide, providing the largest online poker network in the U.S. This is a significant milestone for ATIG and Cake, and will become an immediate economical shot in the arm for Tribes and states facing deficits nationwide," said Donald L. Bailey, CEO of ATIG.
There is a growing movement in the U.S. and Europe to relax the rules on Internet gambling so that taxes on online gaming might bolster revenue and reduce budget shortfalls. Last month the Financial Services Committee of the House of Representatives approved a Bill that would overturn the 2006 UIGEA law. Supporters say online gaming could yield as much as $42 billion in U.S. tax revenue over 10 years. ATIG's CGN System is designed for traditional commercial casinos as well and can be easily implemented when, and if, pending state Intrastate Internet Gaming legislation is passed.
ATIG introduced its technology to the NIGC, the federal agency that co-regulates all Indian Casinos, and in September 2009 received a favorable opinion allowing it to operate its network in all Indian Casinos nationwide. The TGN System allows players to play on a private gaming network, i.e., "Wide Area Progressive" (WAP), Class III, Class II and online games on Indian lands. The NIGC Opinion went on to state that according to its Bulletin on the UIGEA, ATIG's network works like a traditional WAP and, therefore, it is not considered as being illegal Internet Gaming.
Linda Bailey
Tribal Gaming Network to Launch ATIG Into $30 Billion Online Gaming Market
LAS VEGAS, NV, Sep 08, 2010 (MARKETWIRE via COMTEX) -- Atlantis Internet Group Corp. (PINKSHEETS: ATIG) announced today that it has signed a licensing agreement with Cake Gaming NV to allow patrons in tribal casinos in more than 30 states to play poker online, legally and immediately. Cake, one of the largest and fastest growing poker networks in the world, currently supplies poker software in several legal international gaming jurisdictions. Now, backed by the legal opinion of the National Indian Gaming Commission (NIGC) for its patent pending "Casino Gateway Network" (CGN), ATIG is poised to establish a private gaming network on Indian Lands. This revolutionary technology will allow tribal casinos to offer a form of Internet poker across state lines.
There is $30 billion in Internet gaming revenue generated worldwide now, without the U.S. market. Analysts are quick to point out that before the U.S. Congress passed the 2006 Unlawful Internet Gaming Enforcement Act (UIGEA), two-thirds of the worldwide Internet gaming revenue came from the U.S. That means billions of Internet gaming revenue dollars within the U.S. market now remain untapped. While the UIGEA put an end to Internet gambling in the U.S., it provided certain exceptions for Indian Casinos and Intertribal Internet gaming and states that pass Intrastate Internet gaming legislation.
ATIG will now be the only poker network operating in more than one state at a time. This also allows tribes to aide their respective communities which have been hard hit by the sagging economy. "Our Indian version of the CGN, called the 'Tribal Gaming Network' ('TGN') offers an immediate and legal solution to Indian casinos nationwide, providing the largest online poker network in the U.S. This is a significant milestone for ATIG and Cake, and will become an immediate economical shot in the arm for Tribes and states facing deficits nationwide," said Donald L. Bailey, CEO of ATIG.
There is a growing movement in the U.S. and Europe to relax the rules on Internet gambling so that taxes on online gaming might bolster revenue and reduce budget shortfalls. Last month the Financial Services Committee of the House of Representatives approved a Bill that would overturn the 2006 UIGEA law. Supporters say online gaming could yield as much as $42 billion in U.S. tax revenue over 10 years. ATIG's CGN System is designed for traditional commercial casinos as well and can be easily implemented when, and if, pending state Intrastate Internet Gaming legislation is passed.
ATIG introduced its technology to the NIGC, the federal agency that co-regulates all Indian Casinos, and in September 2009 received a favorable opinion allowing it to operate its network in all Indian Casinos nationwide. The TGN System allows players to play on a private gaming network, i.e., "Wide Area Progressive" (WAP), Class III, Class II and online games on Indian lands. The NIGC Opinion went on to state that according to its Bulletin on the UIGEA, ATIG's network works like a traditional WAP and, therefore, it is not considered as being illegal Internet Gaming.
Linda Bailey
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