Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search


Place Your Bets And Back A Kiwi Winner

Feverpitch Announces Subsequent Public Offering

MEDIA RELEASE February 20, 2002

Place Your Bets And Back A Kiwi Winner:

Feverpitch Announces Subsequent Public Offering

Feverpitch International Limited has announced a Subsequent Public Offering (SPO) of up to four million of its shares at $0.50c per share between Wednesday 20 February and Friday 8 March 2002.

Following the successful Initial Public Offering and listing on the New Zealand Stock Exchange's New Capital Market in December 2001 Feverpitch intends to raise up to a further $2,000,000 to continue the marketing and development of its Internet sports betting technologies.

From an Auckland-based research and development centre Feverpitch produces interactive betting platforms that focus on person-to-person (p2p) and 'exchange' betting services to be delivered over the internet, including the wireless Internet through SMS and WAP.

Richard Waddel, chairman of Feverpitch International and former chief executive and managing partner of Ernst & Young New Zealand, says the company is entering an exciting development phase.

"The IPO in December was oversubscribed by 40%, signifying a strong commitment by the New Zealand capital markets to support enterprising and outstanding young entrepreneurs like Feverpitch's Derek Handley.

"The Board is equally committed to ensuring this very worthwhile project has every chance of success and provides substantial rewards to its shareholders," he says.

Feverpitch Managing Director Derek Handley says a recent pilot trial of the service attracted more than 1000 registered Australasian members and that figure continues to grow.

"We're looking to increase our membership to 8000 by the end of the year with entry into the United States.

"There is a huge untapped pool of potential with fans of major sports world-wide like American football, baseball and basketball.

"In addition to global sports our site will be the first person-to-person service in the world to cater specifically for American styled betting using US odds systems.

"It's a very exciting time for us. We're on the cusp of something very big," he says.

Merrill Lynch estimates the international sports and race betting market growing from US$10 billion in 2001 to US$130 billion by 2005 and US$184 billion by 2015. During the 2001 - 2005 period the number of online gamblers is expected to grow from 5 million to more than 15 million.

International trends show this new type of betting - p2p and exchange - which is less than two years old, is undoubtedly the future of sports and race betting. The concept has taken off so fast in England that a UK-based company is now matching over £13 million of bets a week.

- ends-

About Feverpitch

Feverpitch develops and operates proprietary, world-class software platforms for the online and interactive betting industry. Its products enable individual bettors to act as a bookmaker and set their own odds. I.e. the bookmaker no longer has a monopoly on the off side of a bet. Feverpitch platforms allow person-person (p2p) and 'exchange' betting services over the Internet, including the wireless Internet through SMS and WAP, plus interactive digital television. In 2001 Feverpitch won the Microsoft-Ericsson Mobile Internet Award.

Released on behalf of Feverpitch International Limited by Porter Novelli New Zealand. For further information please contact:

Derek Handley Feverpitch International (649) 918 5513 (642) 1358 282 or Nikki Wright Porter Novelli New Zealand (649) 373 3786

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>