Cyber-Thingy™ to Present a Lottery and Gaming Software Solution To The Government of The Dominican Republic The Software will calculate and track the taxes due from Digital Lottery, Sports Betting, Kiosk & Online Gaming
CORAL SPRINGS, Fla., Feb. 19, 2013 /PRNewswire/ -- Cyber Kiosk Solutions, Inc. (OTCPINK:CYBK) through its strategic relationship with one of the Government licensed Lottery dealers in the Dominican Republic will be presenting a lottery and gaming software solution to the Government of the Dominican Republic. The software, once approved, could become the universal software used by everyone for lottery sales.
The Dominican Republic's domestic market involves more than 24,000 lottery agents and a variety of electronic lotteries introduced in 2008, not including the 10,000 runners that sell lottery tickets in the streets and 60 land based casinos. A video demonstrating the software can be found at:
The Country has a population of over 10 million people not including tourism. Gambling and playing the lottery in the Dominican Republic is an everyday occurrence for most Dominicans. Cyber-Thingy's™ software solution would allow the Government to track all sales and winnings to collect the tax revenue it should be collecting from the lottery sales. The software also applies to online gaming, kiosk gaming and digital lottery. The "Lottery Runner" would be equipped with electronic machines or Smart Phones and belt printers running on the same software. Cyber-Thingy™ would collect a software license fee based on a percentage amount of gross sales and sell various hardware such as the belt printers for the runners, kiosks for the big stores and tablets for small stores.
The income potential for Cyber-Thingy™ is in the millions monthly. The software has other gambling applications making it difficult to place a number on potential revenue for the Company.
In 2011 Dominican Republic's National Lottery has earned the ominous title of being the first such agency to go broke, and forcing the transfer of its administration to the Internal Taxes Agency, ironically considered the most official of all government entities. Since 1997, the Lottery lost its credibility when a ring headed by the now fugitive Frederick Marzouka scammed it out of more than RD$90 million by manipulating drawings, among other irregularities. Its fate was sealed early last week when signed into law a repeal of the Lottery's function of collecting the taxes from the country's thousands of betting parlors. The agency should receive more than RD$100 million per month, gets only RD$30 million for expenses such as payroll, and notes that it operates with a RD$14 million deficit.
The Country has more than 60 land based casinos which helps attract upwards of 5 million people annually to gamble. The gambling industry in the country was significantly affected by the tax law approved in 2011 as a result of the international commitments with the IMF. The law is aimed at controlling the expansion of the gambling market and imposing restrictions on new sports betting and lottery agencies.
Initially, the Dominican gambling market was targeted at foreign tourists. However, the increasing internal demand forced the authorities to open the market for local residents. Additionally in 2006, sports betting operators were allowed to offer their customers to play slot machines.
Cyber-Thingy™ plans to meet with other Governments in Latin America and present the software solution to them for their lottery and gaming systems.
Cyber-Thingy™ is divided into two divisions, Domestic and International. Cyber-Thingy's™ Domestic division distributes Company owned kiosk machines and tablets to earn residual revenues and/or sell kiosk machines to earn up-front and residual revenues. Cyber-Thingy's™ multiple revenue streams are derived transaction and fee based programs running within the kiosks such as; Digital Advertising, Mobile Phone Top-up Minutes (reload), Online Bill Pay, Money Transfers, International Calling Cards, Events-Sports-Movie Tickets, Gift Card Programs, Prepaid Cards, Prepaid Cell Phone Service and New Products Advertising Wraps. ALL services come with an immediate purchase option. Each Kiosk machine comes with a cash bill acceptor and a credit card reader for ease of payment. Tablets are connected to existing POS systems. These multi-functional kiosks and tablets not only earn Cyber-Thingy™ residual revenues but create residual revenue opportunities for the multiple companies involved. Cyber-Thingy™ International division distributes sports book, gaming and lottery software to the international markets as well as its multi-functional kiosks and tablets.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE Cyber Kiosk Solutions, Inc.