Posted 2/11/11 : Equal investment in sports betting venture
Business World Online reports that broadcast firm GMA Network Inc has signed a partnership deal with Manila Jockey Club Inc. (MJC) to initiate horse race betting via mobile phones and the internet.
GMA Network subsidiary, GMA New Media Inc. and Asia's oldest horse-racing club will invest P10 million each (GBP 142 300) into the new venture revealed Judd Gallares, president and chief operating officer of GMA New Media. The deal which will boost the horse betting industry is expected to launch in the middle of 2011.
The joint venture will be a private domestic corporation, engaged in the businesses of promoting technology and related services for sports and recreation, with television, radio, mobile, Web and other platforms.
GMA New Media Inc disclosed to the Philippine Stock Exchange that it would provide the technology for the joint venture.