SOURCE: TrackBets International, Inc.

June 23, 2008 08:31 ET

TrackBets International, Inc. Explores Partnership and Acquisition Opportunities in Growing Brazilian Gaming Market

NEW YORK, NY--(Marketwire - June 23, 2008) - TrackBets International, Inc. (PINKSHEETS: TRKB) is pleased to announce that the Company is exploring new avenues in which to expand its wagering operations within the Brazilian turf industry. TrackBets is committed to fulfilling the existing demand in the Brazilian market for quality pari-mutuel horse racing and other legalized wagering establishments, and is considering acquisitions and business partnerships as it prepares to open the first of its BetBrasil betting facilities in Brazil. These actions will ensure that we have an advanced deposit-wagering portal with premium content.

TrackBets has worked closely with a local market research firm to identify the market's potential, performing in-depth research, presented sales proposals and helped establish strong relationships with turf industry insiders and other potential partners. As a result of the research, the company discovered that the lack of competitors in the Brazilian horse wagering industry puts TrackBets at an advantage as it moves toward opening new betting facilities.

Games of chance, including cards, lotteries and bingo, have grown year by year in Brazil, particularly in the middle class population of approximately 60 million, a number which is expected to double in the next ten years. In 2006, Brazil's Federal Savings Bank's lotteries collected more than $4.2 billion. Newly introduced legislation this month by the Brazilian bingo lobby would provide for federal legislation that would ultimately resolve the status of bingo nationally. Analysts and lobbyists predict legalized bingo could produce up to three billion (US$) in tax revenue which would provide much needed support as the Brazilian government struggles to meet long-term budget constraints.

"We're open to exploring all options for mergers in Brazil and with U.S. companies. Due to the lack of publicity and information, pari-mutuel betting is still a market in its infancy in Brazil, and we expect to capitalize on that untapped potential," stated John D. Samuel, CEO and President of TrackBets International, Inc.

TrackBets International previously had simulcast races in four facilities within the State of Rio De Janeiro and intends to relocate three facilities by the 4th quarter of this year, projecting 30 locations over the next three years. The Company is also in direct negotiations with the Ministry of Agriculture and the premier national Jockey Clubs to export Brazilian racing content internationally. In Brazil, in 2006, horse racing wagers amounted to approximately $128,000,000. Last year, TrackBets International generated over $500,000 in gross wagering revenues on international and domestic simulcast races in Brazil.

About TrackBets International, Inc.:

TrackBets International is the only North American company operating in the legalized gambling market in Brazil. TrackBets has successfully completed significant milestones in its development and is primed to grow at a substantial and sustainable rate with an infusion of new capital. The Company has an existing infrastructure in Brazil and has thoroughly researched the turf industry.

Safe Harbor Statement: Except for historical information, the matters set forth herein, which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, perceived or actual benefits from TrackBets International's planned operations, the market acceptance and level of sales derived from its operations, the competitive environment within the Brazilian turf industry, and the successful technical and economic implementation of its operations.

Contact Information

  • Contact:
    For more information, please visit:
    www.track-bets.com
    or call
    Investor Relations
    866-THE-APPL(E)