Game Logic Gets $3 Mil

12/24/2008		Game Logic Gets $3 Mil
Home History Games News Dictionary		The specialty financing company Velocity has found enough evidence in the business model provided by Game Logic to grant them a huge loan that will help them develop their innovative software further in the near future. One of the few software providers based in the UIGEA-limited United States, Game Logic has managed to find a way to combine land-based and online casino gaming in a way that circumvents the prohibition laws. Velocity found that Game Logic’s PlayAway ideas were worth the risk in loaning nearly $3 million to the company. The concept combines the live action in 21 casinos in 15 different states with the online gambling experience, providing a means by which American players can enjoy internet casino play without violating any laws. The model is as follows: qualified players are granted MoneyPlay tickets at live casino locations. These cards, once activated, allow members access to online versions of their favorite casino games, including slots, bingo and casino table games. Winnings are tracked on the cards, and players go back into the live casino in order to collect their winnings, bypassing UIGEA loops by avoiding the transference of funds via the Internet. Game Logic not only pitched the idea to lender Velocity based on their growing success with participating casinos, but also made clear the capitalization possibilities for new client casinos. Web site ads generally are returning 10% of consumers registering for a card, and a quarter of those new card holders come into the casino to activate it. It’s a means to get new customers in the door, and that’s a welcome idea in the current economic waters. "On average, for every 3 web visits, we are generating a new casino visit," the company boasts. "And because the games are exciting, fun to play and there is a chance to "win," we are generating significant web traffic and interest in the program." The $3 million will primarily be used to expand current projects, the bulk of which will focus on the PlayAway program.

12/24/2008

Game Logic Gets $3 Mil

The specialty financing company Velocity has found enough evidence in the business model provided by Game Logic to grant them a huge loan that will help them develop their innovative software further in the near future. One of the few software providers based in the UIGEA-limited United States, Game Logic has managed to find a way to combine land-based and online casino gaming in a way that circumvents the prohibition laws.

Velocity found that Game Logic’s PlayAway ideas were worth the risk in loaning nearly $3 million to the company. The concept combines the live action in 21 casinos in 15 different states with the online gambling experience, providing a means by which American players can enjoy internet casino play without violating any laws. The model is as follows: qualified players are granted MoneyPlay tickets at live casino locations. These cards, once activated, allow members access to online versions of their favorite casino games, including slots, bingo and casino table games. Winnings are tracked on the cards, and players go back into the live casino in order to collect their winnings, bypassing UIGEA loops by avoiding the transference of funds via the Internet.
Game Logic not only pitched the idea to lender Velocity based on their growing success with participating casinos, but also made clear the capitalization possibilities for new client casinos. Web site ads generally are returning 10% of consumers registering for a card, and a quarter of those new card holders come into the casino to activate it. It’s a means to get new customers in the door, and that’s a welcome idea in the current economic waters.

"On average, for every 3 web visits, we are generating a new casino visit," the company boasts. "And because the games are exciting, fun to play and there is a chance to "win," we are generating significant web traffic and interest in the program."

The $3 million will primarily be used to expand current projects, the bulk of which will focus on the PlayAway program.