TTV has well over $10m in cash.INTERACTIVE technology specialist...

TTV has well over $10m in cash.

INTERACTIVE technology specialist Two Way will team up with gaming giant Tabcorp to develop a pay television betting service on Foxtel, the subscription television network.

Subject to regulatory approvals, the service will initially be offered in New South Wales and Victoria as part of the five-year deal.

Foxtel is 50 per cent owned by Telstra, with News Ltd and Publishing and Broadcasting Ltd holding 25 per cent each.

Under the new service, Tabcorp account holders with Foxtel will be able to place bets through the Sky Racing Channel.

Two Way will pay Foxtel $5.6 million in two payments, with half now and the remainder paid when the service is launched.

http://www.news.com.au/adelaidenow/story/0,22606,21882288-913,00.html