Australian interactive media and gambling applications company, Two Way Limited announced a three-year agreement with online betting exchange Betfair Australia this week.
The deal will see the development and roll out of a TV sports betting service on the new generation of TV sets and Blu-ray players with built-in connections to the internet.
The service to be deployed by Two Way in Australia will be capable of taking bets, via the TV remote control, on all sports events broadcast by free-to-air TV, pay TV, or any form of IPTV.
Under the term of the deal, Two Way will receive a licence fee for its technology, and an ongoing share of all revenue generated by Betfair via this platform.
Two Way is also appointed as Betfair’s exclusive provider of all sports betting services via any TV platform for the term of the deal.
Two Way’s Chief Executive Officer and Managing Director, Ben Reichel, said “TV sports betting is an exciting new initiative in the Australian marketplace. Our TV wagering service on racing events is popular with punters, and also offers high standards of integrity and commitment to responsible wagering.”
“Betfair has repeatedly demonstrated its commitment to innovation, and its understanding of the opportunities offered by new media and technology. We look forward to working with them.”