4th of February 2010 Author: Ava Jackuard
Ex-Cantor exec behind new gambling venture
Brent Wilkins, former Cantor Fitzgerald LP managing director, has announced the launch of Mobile Lottery LLC to capitalise on the growth and technological advances in United States wireless networks and mobile devices to expand state lotteries to mobile devices.
The need for US states to balance their budget is causing an growing number to turn to lotteries as a solution, and a regulated mobile lottery offering could not only increase by 10 percent the $ 65 billion in current lottery revenues to the states that participate but also lower the cost as a more efficient and cost effective method for distribution.
"Our goal is to create the number one brand in the mobile lottery space using my expertise gained from launching the first real-time mobile trading application for the U.S. Treasuries with Sprint-Nextel in 2005," said Wilkins, CEO of Mobile Lottery LLC.
"My serving as a key contributor with Cantor Fitzgerald's successful Cantor Gaming wireless gaming business in Las Vegas has prepared me for this opportunity to extend the current state lottery offerings to exciting new mobile devices such as the iPhone, Google Nexus One and other Android OS devices , Motorola Android OS devices, Blackberry Storm/Bold and various Microsoft Windows devices."
With over two-thirds of the U.S. population having played the lottery and with 23 percent of those participating playing regularly, the mobile lottery can now be available to the 208 million U.S. mobile subscribers who qualify, said Wilkins.
Software now exists to verify a player's age and that one is playing from a legal jurisdiction. Mobile lottery also practices responsible gambling and can restrict, limit, and control the amount each individual partakes in lottery systems.
"The ability to securely and reliably trade over $ 20 billion in U.S. securities with an average transaction value of over $ 5 million four years ago proved mobile financial transactions are indeed possible,' Wilkins said this week.
'New technological advances in mobile operator networks and mobile smart phone devices now allow for both a legally compliant and exciting game experience for the wireless lottery player in the 42 U.S. state's that choose to participate," he added.
Location Based Services (LBS) can now accurately pinpoint a lottery player's location ensuring the participating state will receive its revenue share. It also ensures the state will adhere to regulatory requirements by offering intrastate gaming and compliment the existing land based lottery systems whose revenues have flattened in recent years.
Advantages of mobile lotteries include increased state revenues because of the added convenience, the ability to address problem gaming, elimination of fraud and lost tickets, and added revenue streams via mobile advertising and consumer market data.
"The merger of the Powerball and Mega Millions lottery game essentially allows for a national lottery with one application across many devices, operating systems, mobile operators and content stores,' claimed Wilkins.
'Additionally, with the recent deployment of WiMax and evolution of LTE (Long Term Evolution) technologies, the long term prospects for the mobile gaming transaction space is extremely bright," he concluded.
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