Penn National To Serve as Hub for Bingo-Type Wager

• Email
• Print
• Tweet

Edited press release from Penn National and PlayandWin
PlayandWin Inc. and Penn National Racecourse, a wholly owned subsidiary of Penn National Gaming, Inc, have reached an agreement under which Penn National will act as a wagering hub for all hosting services for Racingo in the United States. An announcement from the two companies said the arrangement is contingent upon regulatory approval.

Racingo combines the ease of bingo and the excitement of horse racing with lottery size jackpots. Racingo is a pari-mutuel, `Bingo-type' proprietary game with the outcome based on a series of horse races, which is protected worldwide, by trademarks and patents. As in Bingo, Racingo players bet to form a winning pattern on a grid. In Racingo, the winning numbers are determined by the outcome of horse or races.

Penn National will host the bet at their facility, Penn National Race Course in Grantville, Pennsylvania, and will provide the accounting services and payments to tracks and winners and money room transfers.

Stewart Garner, President of PlayandWin, Inc. said, "This is the final piece of the pie required to sign up the racetracks. We have completed all presentations to the major players in the industry and are negotiating contracts with many of them. Penn, Autotote Systems, Inc. and PWIN are presenting Racingo to the balance of the industry in Arizona in early December."

William J. Bork, President and COO of Penn National Gaming, Inc. said, "We are now in the process of signing up a substantial amount of guest tracks. Frankly, we are extremely excited about the interest expressed concerning this new bet."
PlayandWin Inc. holds the exclusive license to the Racingo concept for the Internet as well as North American on- and off-track versions of Racingo. PlayandWin Inc. retains the right of first refusal to introduce the Racingo concept to other countries and venues (i.e. cruise ship lines, airlines, Native American gaming and bingo) from Racingo Investments Ltd. PlayandWin Inc., through its 100% wholly owned subsidiary Lynx Gaming, is a partner in Racingo Investments Ltd. More information about PlayandWin, can be obtained at www.playandwininc.com

As per PlayandWin Inc.'s news release dated June 1, 2000, Autotote Systems, Inc. and PlayandWin Inc. will cross-license their software and intellectual property rights respectively for the marketing of Racingo at on-track and off-track betting facilities as well as Fantasy Racingo. The term of this contract is for five years with a further five-year renewal upon mutual consent.

The multi-step rollout program will focus initially on the North American market with an expected launch date rescheduled for early 2001. Expansion into international and other gaming markets is envisioned upon the successful launch of the U.S. version of Racingo.
More information about Autotote can be obtained at www.autotote.com.

• Email
• Print
• Tweet