Everest enters giant new market, strengthens platform

HONG KONG, Dec. 23 /PRNewswire-Asia-FirstCall/ -- GigaMedia Limited (Nasdaq: GIGM) announced today an exciting new strategic partnership with renowned sports betting leader Victor Chandler International Group ('Victor Chandler'), significantly expanding and strengthening the Everest Gaming platform.

As part of the partnership, GigaMedia has entered the enormous global sports betting market launching its new sports betting product, Everest Bets. With Everest Bets, GigaMedia delivers a broader, richer gaming and entertainment experience -- all supported by two of the world's most popular and trusted gaming brands, Victor Chandler and Everest.

Founded in 1946, Victor Chandler is one of the world's oldest, most well- known and most reputable online gaming companies. The firm's sports betting business takes over two million betting calls per year from customers in over 160 countries, 24 hours a day. Licensed in Gibraltar, Victor Chandler does not accept bets from U.S.-based customers.

Everest Poker is one of the world's most popular poker sites, the official 'felt' sponsor of the World Series of Poker, and was named Poker Operation of the Year in 2007 and 2008 by industry journal e-Gaming Review.

'Victor Chandler is a sports betting legend with an enormous, thriving business and an unsurpassed reputation for honor and integrity,' stated Bob Cahill, head of GigaMedia's gaming software business. 'We hit the ground running with a world-class offering addressing a multi-billion dollar market - - we are absolutely thrilled and look forward to additional exciting opportunities with Victor Chandler going forward.'

Victor Chandler Chief Executive Michael Carlton commented, 'We are delighted to be working with GigaMedia. We are confident we can deliver a product to excite their current poker and games customers. The sports betting product will offer all popular sports in many European languages, and complement Everest's superb poker and casino offering.'

The new offering complements Everest's poker and casino verticals, as a significant percentage of Everest's players currently engage in sports betting, according to company surveys.