Cyber-Thingy™ to Present a Lottery and Gaming So
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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. ( 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:
http://www.youtube.com/watch?v=jt3mIKtNisc&am...e=youtu.be
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.
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