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News
Grand Virtual Releases WagerCity
4 June 2002

PRESS RELEASE

SOURCE: Grand Virtual

CAMBRIDGE, Mass.-- Grand Virtual, the global market leader in software and services for the online entertainment and gaming industry, today announced WagerCity(TM), the first online entertainment destination featuring true peer-to-peer (P2P) gaming technology. WagerCity went live in 16 languages around the world today, opening with a variety of captivating wagers on the World Cup soccer tournament (http://www.wagercity.com).

Unlike traditional online gaming sites, WagerCity's P2P technology enables individuals to bet directly against one another rather than against `the house'. There are no `house' lines or predetermined odds. Players collectively set payout odds by how they place their bets. Winning players split the pot according to how much they wagered, and the size of the pot depends on how much was bet on all possible outcomes. As new bets are made, odds for any given outcome change in real time, right up until the close of betting for the event. This dynamic element makes the wager more interesting and gives players a stronger sense of involvement in the event.

"WagerCity establishes a completely unique class of online gaming. It's easy to use, great fun and adds a new level of excitement to virtually any spectator event," said Grand Virtual President, David Solomont. "Traditional sites lack the technology to enable players to bet against one another, and that often reduces the entertainment value of those sites. WagerCity gives people the only thing better than watching their team win - winning real money from the opposing team's fans."

With no need to predetermine odds, WagerCity has the unique freedom to offer a wide variety of wagers on almost any spectator event. Besides the typical win/lose/tie in sports, WagerCity will enable players to bet on such items as which minute of play will see the first goal of the USA-Poland soccer game, who will take the first round of the Lewis-Tyson fight, or what will the results be at Wimbledon. WagerCity will also allow players to place bets in areas such as politics, entertainment, society and nature - e.g. Who will win the election? Which film will win Best Picture? Where will the first typhoon strike this year? Additionally, the application supports 16 different languages.

WagerCity is built on Grand Virtual's Universal Gaming Platform(TM), and offers the same security, reliability and trustworthiness online gaming enthusiasts have come to expect from sites powered by Grand Virtual technology. This new entertainment application is available for immediate licensing along with Grand Virtual's Universal Gaming Platform and the company's other entertainment and gaming products.

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