Document:

REGISTRATION RIGHTS AGREEMENT

            REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
February 25, 2005, by and among Winwin Gaming, Inc., a Delaware corporation,
with headquarters located at 8687 W. Sahara Ave. Suite 201, Las Vegas, Nevada
89117 (the "Company"), and the undersigned buyers (each, a "Buyer" and
collectively, the "Buyers").

WHEREAS:

            A. In connection with the Securities Purchase Agreement by and among
the parties hereto of even date herewith (the "Securities Purchase Agreement"),
the Company has agreed, upon the terms and subject to the conditions of the
Securities Purchase Agreement, to (i) issue and sell to the Buyers shares of the
Company's common stock, par value $0.01 per share (the "Common Stock");

            B. If the Common Stock sold pursuant to the Securities Purchase
Agreement is not registered for resale by the 120th day after the date hereof,
the Company shall be required to issue a warrant (the "Warrant") to each Buyer
as provided herein, which Warrant will be exercisable to purchase shares of
Common Stock (the "Warrant Shares"); and

            C. To induce the Buyers to execute and deliver the Securities
Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended (as so amended, the "1933
Act"), and applicable state securities laws.

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Buyers hereby agree as follows:

1.    DEFINITIONS.

      As used in this Agreement, the following terms shall have the following
meanings:

            "Investor" means a Buyer, any transferee or assignee thereof to whom
a Buyer assigns its rights under this Agreement and who agrees to become bound
by the provisions of this Agreement in accordance with Section 9 and any
transferee or assignee thereof to whom a transferee or assignee assigns its
rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 9.

            "Person" means a corporation, a limited liability company, an
association, a partnership, an organization, a business, an individual, a
governmental or political subdivision thereof or a governmental agency.

            "Register," "registered" and "registration" refer to a registration
effected by preparing and filing one or more Registration Statements (as defined
below) in compliance with the 1933 Act and pursuant to Rule 415 under the 1933
Act or any successor rule providing for offering securities on a continuous
basis ("Rule 415"), and the declaration or ordering of effectiveness of such
Registration Statement(s) by the United States Securities and Exchange
Commission (the "SEC").

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            "Registrable Securities" means (i) the Common Stock issued pursuant
to the Securities Purchase Agreement or otherwise owned by Buyers as of the date
hereof that is not currently registered for resale, (ii) the Warrant Shares
issued or issuable upon exercise of the Warrants, (iii) any shares of capital
stock issued or issuable with respect to the Common Stock, the Warrants or the
Warrant Shares as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, and (iv) any other shares of Common
Stock of the Company issued as (or issuable upon the conversion or exercise of
any warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, the
shares listed in (i), (ii) or (iii) above; provided, however, that the foregoing
definition shall exclude in all cases any Registrable Securities sold by a
person in a transaction in which his or her rights under this Agreement are not
assigned. Notwithstanding the foregoing, a Registrable Security ceases to be a
Registrable Security when (A) sold to or through a broker or dealer or
underwriter in a public distribution or a public securities transaction, or (B)
sold in a transaction exempt from the registration and prospectus delivery
requirements of the 1933 Act under Section 4(1) thereof so that all transfer
restrictions, and restrictive legends with respect thereto, if any, are removed
upon the consummation of such sale.

            "Registration Statement" means a registration statement of the
Company filed under the 1933 Act.

            Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Securities Purchase Agreement.

2.    REGISTRATION.

            a. Mandatory Registration. The Company shall prepare and, as soon as
possible but in no event later than 45 days after the date hereof (the "Filing
Deadline"), file with the SEC a Registration Statement or Registration
Statements (as is necessary) on Form SB-2 covering the resale of all of the
Registrable Securities. In the event that Form SB-2 is unavailable for such a
registration, the Company shall use such other form as is available for such a
registration, subject to the provisions of Section 2(d). The initial
Registration Statement prepared pursuant hereto shall register for resale all
the Registrable Securities. The Registration Statement shall be declared
effective by the SEC as soon as possible, but in no event later than 120 days
after the date hereof (the "Effectiveness Deadline").

            b. Allocation of Registrable Securities. The initial number of
Registrable Securities included in any Registration Statement and any increase
in the number of Registrable Securities included therein shall be allocated pro
rata among the Investors based on the number of Registrable Securities held by
each Investor at the time the Registration Statement covering such initial
number of Registrable Securities or increase thereof is declared effective by
the SEC. In the event that an Investor sells or otherwise transfers any of such
Person's Registrable Securities, each transferee shall be allocated a pro rata
portion of the then remaining number of Registrable Securities included in such
Registration Statement for such transferor. Any shares of Common Stock included
in a Registration Statement and which remain allocated to any Person which
ceases to hold any Registrable Securities shall be allocated to the remaining
Investors, pro rata based on the number of Registrable Securities then held by
such Investors.

            c. Legal Counsel. Each Investor holding more than 2,000,000 shares
of Registrable Securities (a "Major Investor") shall each have the right to
select legal counsel to review and oversee any offering pursuant to this Section
2 ("Legal Counsel"), the expenses of which up to $10,000 per Legal Counsel shall
be paid by the Company. Company shall reasonably cooperate with Legal Counsel in
performing the Company's obligations under this Agreement.

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            d. Effect of Failure to File and Obtain and Maintain Effectiveness
of Registration Statement. If (i) a Registration Statement covering all of the
Registrable Securities and required to be filed by the Company pursuant to this
Agreement is not declared effective by the SEC on or before the applicable
Effectiveness Deadline or (ii) on any day after the Registration Statement has
been declared effective by the SEC sales of all the Registrable Securities
required to be included on such Registration Statement cannot be made pursuant
to the Registration Statement (including, without limitation, because of a
failure to keep the Registration Statement effective, a failure to disclose such
information as is necessary for sales to be made pursuant to the Registration
Statement or a failure to register sufficient shares of Common Stock), then, as
partial relief for the damages to any Investor by reason of any such delay in or
reduction of its ability to sell the underlying shares of Common Stock (which
remedy shall not be exclusive of any other remedies available at law or in
equity), a Trigger Event (as defined in the Warrant) shall be deemed to have
occurred and the number of shares issuable upon the exercise of the Warrant
shall be as specified in the Warrant. The Warrant Shares shall be deemed
Registrable Securities and shall be required to be registered as any other
Registrable Securities.

3.    ADDITIONAL OBLIGATIONS.

      The Company and the Investors shall have the following additional
obligations:

            The Company shall keep the Registration Statement filed pursuant to
Section 2 hereof effective pursuant to Rule 415 at all times after it has been
declared effective until the earlier of (i) the date as of which the Investors
may sell all of the Registrable Securities without restriction pursuant to Rule
144(k) promulgated under the 1933 Act (or successor thereto) and (ii) the date
on which (A) the Investors shall have sold all the Registrable Securities and
(B) none of the Warrants are outstanding (the "Registration Period"), which
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading. The Company shall submit to the SEC, within one
(1) business day after the Company learns that no review of a particular
Registration Statement will be made by the staff of the SEC or that the staff
has no further comments on the Registration Statement, as the case may be, a
request for acceleration of effectiveness of such Registration Statement to a
time and date not later than 24 hours after the submission of such request.

            The Company shall prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration
Statement, which prospectus is to be filed pursuant to Rule 424 promulgated
under the 1933 Act, as may be necessary to keep such Registration Statement
effective at all times during the Registration Period, and, during such period,
comply with the provisions of the 1933 Act with respect to the disposition of
all Registrable Securities of the Company covered by such Registration Statement
until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the seller or
sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement which are required to be
filed pursuant to this Agreement (including pursuant to this Section 3(b)) by
reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any
analogous report under the Securities Exchange Act of 1934, as amended (the
"1934 Act"), the Company shall file such amendments or supplements with the SEC
on the same day on which the 1934 Act report is filed which created the
requirement for the Company to amend or supplement the Registration Statement.

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            The Company shall permit Legal Counsel to review and comment upon a
Registration Statement and all amendments and supplements thereto at least seven
(7) days prior to their filing with the SEC, and not file any document in a form
to which Legal Counsel reasonably objects. The Company shall furnish to each
Major Investor and their respective attorney, without charge, (i) any
correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to any Registration Statement, (ii) promptly after the
same is prepared and filed with the SEC, one copy of any Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all
documents incorporated therein by reference and all exhibits and (iii) upon the
effectiveness of any Registration Statement, one copy of the prospectus included
in such Registration Statement and all amendments and supplements thereto.

            The Company shall furnish to each Investor whose Registrable
Securities are included in any Registration Statement, without charge, (i)
promptly after the same is prepared and filed with the SEC, at least one copy of
such Registration Statement and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference and
all exhibits, (ii) upon the effectiveness of any Registration Statement, ten
(10) copies of the prospectus included in such Registration Statement and all
amendments and supplements thereto (or such other number of copies as such
Investor may reasonably request) and (iii) such other documents, including
copies of any preliminary or final prospectus, as such Investor may reasonably
request from time to time in order to facilitate the disposition of the
Registrable Securities owned by such Investor.

            The Company shall (i) register and qualify the Registrable
Securities covered by a Registration Statement under such other securities or
"blue sky" laws of such jurisdictions in the United States as Legal Counsel or
any Investor reasonably requests, (ii) prepare and file in those jurisdictions,
such amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(e), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify Legal Counsel and each Investor
who holds Registrable Securities of the receipt by the Company of any
notification with respect to the suspension of the registration or qualification
of any of the Registrable Securities for sale under the securities or "blue sky"
laws of any jurisdiction in the United States or its receipt of actual notice of
the initiation or threat of any proceeding for such purpose.

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            As promptly as possible after becoming aware of such event (and in
any event within one (1) business day thereafter, by email, fax or other
communication), the Company shall notify Legal Counsel and each Investor in
writing of the happening of any event as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and promptly prepare a
supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and deliver ten (10) copies of such supplement or
amendment to each Investor and one (1) copy to each Legal Counsel (or such other
number of copies as such Investor or Legal Counsel may reasonably request). The
Company shall also promptly notify Legal Counsel and each Investor in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be
delivered to each Legal Counsel and each Investor by facsimile on the same day
of such effectiveness and by overnight mail), (ii) of any request by the SEC for
amendments or supplements to a Registration Statement or related prospectus or
related information, and (iii) of the Company's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

            The Company shall prevent the issuance of any stop order or other
suspension of effectiveness of a Registration Statement, or the suspension of
the qualification of any of the Registrable Securities for sale in any
jurisdiction. If such an order or suspension is issued, the Company shall
procure the withdrawal of such order or suspension at the earliest possible
moment and shall notify each Legal Counsel and each Investor who holds
Registrable Securities being sold of the issuance of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose.

            At the request of any Investor, the Company shall furnish to such
Investor, on the date of the effectiveness of the Registration Statement and
thereafter from time to time on such dates as an Investor may reasonably request
(i) a letter, dated such date, from the Company's independent certified public
accountants in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering,
addressed to the Investors, and (ii) an opinion, dated as of such date, of
counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public
offering, addressed to the Investors.

            The Company shall make available for inspection during normal
business hours by (i) any Investor or their designated representative
(collectively, the "Inspectors"), all pertinent financial and other records, and
pertinent corporate documents and properties of the Company (collectively, the
"Records"), as shall be reasonably deemed necessary by each Inspector, and cause
the Company's officers, directors and employees to supply all information which
any Inspector may reasonably request; provided, however, that each Inspector
shall hold in strict confidence and shall not make any disclosure (except to an
Investor, its employees or professional advisors) of any Record or other
information which the Company determines in good faith to be confidential, and
of which determination the Inspectors are so notified in writing, unless (a) the
disclosure of such Records is necessary to avoid or correct a misstatement or
omission in any Registration Statement or is otherwise required under the 1933
Act, (b) the release of such Records is ordered pursuant to a subpoena or order
from a court or governmental body of competent jurisdiction, or (c) the
information in such Records has been made generally available to the public
other than by disclosure in violation of this or any other agreement of which
the Inspector has knowledge. Each Investor agrees that it shall, upon learning
that disclosure of such Records is sought in or by a court or governmental body
of competent jurisdiction or through other means, give prompt notice to the
Company and allow the Company, at its expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, the Records
deemed confidential.

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            The Company shall hold in confidence and not make any disclosure of
information concerning an Investor provided to the Company unless (i) disclosure
of such information is necessary to comply with federal or state securities
laws, (ii) the disclosure of such information is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Company agrees that it shall, upon learning that disclosure of
such information concerning an Investor is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
written notice to such Investor and allow such Investor, at the Investor's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

            The Company shall cause all the Registrable Securities covered by a
Registration Statement to be listed continuously throughout the Registration
Period on each securities exchange or market, if any, on which equity securities
issued by the Company are then listed.

            The Company shall cooperate with the Investors who hold Registrable
Securities being offered to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the
Investors may reasonably request and registered in such names as the Investors
may request.

            The Company shall provide a transfer agent and registrar of all such
Registrable Securities not later than the effective date of such Registration
Statement.

            The Company shall provide each Investor with contact information for
the Company's transfer agent and registrar for all Registrable Securities
registered pursuant hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration
Reserved.

            The Company shall cause the Registrable Securities covered by the
applicable Registration Statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary to consummate the
disposition of such Registrable Securities.

            The Company shall make generally available to its security holders
as soon as possible, but not later than 90 days after the close of the period
covered thereby, an earnings statement (in form complying with the provisions of
Rule 158 under the 1933 Act) covering a twelve-month period beginning not later
than the first day of the Company's fiscal quarter next following the effective
date of the Registration Statement.

            The Company shall otherwise comply with all applicable rules and
regulations of the SEC in connection with any registration hereunder.

            Within two (2) business days after the Registration Statement which
includes the Registrable Securities is ordered effective by the SEC, the Company
shall deliver, and shall cause legal counsel for the Company to deliver, to the
transfer agent for such Registrable Securities (with copies to the Investors
whose Registrable Securities are included in such Registration Statement)
confirmation that the Registration Statement has been declared effective by the
SEC in the form attached hereto as Exhibit A.

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            The Company shall take all other reasonable actions necessary to
expedite and facilitate disposition by the Investors of Registrable Securities
pursuant to a Registration Statement.

4.    OBLIGATIONS OF THE INVESTORS.

            At least seven (7) days prior to the first anticipated filing date
of the Registration Statement, the Company shall notify each Investor in writing
of the information the Company requires from each such Investor if such Investor
elects to have any of such Investor's Registrable Securities included in such
Registration Statement. It shall be a condition precedent to the obligations of
the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities of a particular Investor that such Investor shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect timely the
registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request.

            Each Investor by such Investor's acceptance of the Registrable
Securities agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of any Registration
Statement hereunder, unless such Investor has notified the Company in writing of
such Investor's election to exclude all of such Investor's Registrable
Securities from such Registration Statement.

            Each Investor agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(g) or
the first sentence of 3(f), such Investor will immediately discontinue
disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until such Investor's receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(g) or the
first sentence of 3(f), and, if so directed by the Company, such Investor shall
deliver to the Company (at the expense of the Company), or destroy all copies in
such Investor's possession of, any prospectus covering such Registrable
Securities current at the time of receipt of such notice. Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver
unlegended shares of Common Stock to a transferee of an Investor in connection
with any sale of Registrable Securities with respect to which an Investor has
entered into a contract for sale prior to the Investor's receipt of a notice
from the Company of the happening of any event of the kind described in Section
3(g) or the first sentence of 3(f) and for which the Investor has not yet
settled. Notwithstanding the foregoing, the Company acknowledges that the
happening of any event of the kind described in Section 3(g) or the first
sentence of Section 3(f) that interrupts an Investor's ability to sell
Registrable Securities shall constitute a material breach of the Company's
obligations under Section 3(a) hereof.

5.    EXPENSES OF REGISTRATION.

            All reasonable expenses, other than underwriting discounts and
brokerage commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualification fees, printers and accounting fees, and
fees and disbursements of counsel for the Company shall be paid by the Company.

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6.    INDEMNIFICATION.

            In the event any Registrable Securities are included in a
Registration Statement under this Agreement:

            To the fullest extent permitted by law, the Company will, and hereby
does, indemnify, hold harmless and defend each Investor who holds such
Registrable Securities, the directors, officers, partners, employees, agents,
representatives of, and each Person, if any, who controls any Investor within
the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Person"),
against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, attorneys' fees, amounts paid in settlement or expenses, joint
or several (collectively, "Claims"), incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal
taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened,
whether or not an Indemnified Person is or may be a party thereto (collectively,
"Indemnified Damages"), to which any of them may become subject insofar as such
Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact in a Registration Statement or any
post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other "blue sky" laws of
any jurisdiction in which Registrable Securities are offered, or the omission or
alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented, if
the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary to
make the statements made therein, in light of the circumstances under which the
statements therein were made, not misleading, (iii) any violation or alleged
violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation thereunder, in each case relating to the offer or sale of the
Registrable Securities pursuant to a Registration Statement or (iv) any material
violation by the Company of this Agreement (the matters in the foregoing clauses
(i) through (iv) being, collectively, "Violations"). The Company shall reimburse
the Indemnified Persons for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim as such
fees or expenses are incurred; provided, however, that the indemnity agreement
contained in this Section 6(a) shall not apply to amounts paid in settlement of
any Claim if such settlement is effected without the prior written consent of
the Company, which consent shall not be unreasonably withheld. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs solely in reliance
upon and in conformity with information furnished in writing to the Company by
such Indemnified Person expressly for use in connection with the preparation of
the Registration Statement or any such amendment thereof or supplement thereto,
if such prospectus was timely made available by the Company pursuant to Section
3(d); (ii) shall not be available to the extent such Claim is based on a failure
of the Investor to deliver or to cause to be delivered the prospectus made
available by the Company, if such prospectus was timely made available by the
Company pursuant to Section 3(d); and (iii) shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which consent shall not be unreasonably withheld. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person and shall survive the transfer of
the Registrable Securities by the Investors pursuant to Section 9.

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            In connection with any Registration Statement in which an Investor
is participating, each such Investor agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner
as is set forth in Section 6(a), the Company, each of its directors, each of its
officers who signs the Registration Statement, and each Person, if any, who
controls the Company within the meaning of the 1933 Act or the 1934 Act
(collectively and together with an Indemnified Person, an "Indemnified Party"),
against any Claim or Indemnified Damages to which any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
Indemnified Damages arise out of or are based upon any Violation, in each case
to the extent, and only to the extent, that such Violation occurs solely in
reliance upon and in conformity with written information furnished to the
Company by such Investor expressly for use in connection with such Registration
Statement; and, such Investor will reimburse any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such Claim; provided, however, that the indemnity agreement contained in this
Section 6(b) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of such Investor, which
consent shall not be unreasonably withheld; provided, further, however, that the
Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to such Investor
(i.e., proceeds net of underwriting discounts, fees, commissions and any other
expenses payable by such Investor) as a result of the sale of Registrable
Securities pursuant to such Registration Statement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of
such Indemnified Party and shall survive the transfer of the Registrable
Securities by the Investors.

            The foregoing indemnity agreements contained in Sections 6(a) and
(b) are subject to the condition that, insofar as they relate to any Violation
made in a preliminary prospectus but eliminated or remedied in the amended
prospectus on file with the SEC at the time the Registration Statement in
question becomes effective or in the amended prospectus filed with the SEC
pursuant to Rule 424(b) promulgated under the 1933 Act (the "Final Prospectus"),
such indemnity agreements shall not inure to the benefit of any Indemnified
Party if a copy of the Final Prospectus was furnished in a timely manner to the
Indemnified Party and was not furnished to the Person asserting the Indemnified
Damages at or prior to the time such action is required by the 1933 Act.

            Promptly after receipt by an Indemnified Party under this Section 6
of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving a Claim, such Indemnified Party
shall, if a Claim in respect thereof is to be made against any indemnifying
party under this Section 6, deliver to the indemnifying party a written notice
of the commencement thereof, and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party and
the Indemnified Party (or, if there is more than one Indemnified Party, a
majority in interest of the Indemnified Parties); provided, however, that an
Indemnified Party shall have the right to retain its own counsel with the fees
and expenses to be paid by the indemnifying party, if, in the reasonable opinion
of counsel retained by the Indemnified Party, the representation by such counsel
of the Indemnified Party and the indemnifying party would be inappropriate due
to actual or potential differing interests between such Indemnified Party and
any other party represented by such counsel in such proceeding. The Indemnified
Party shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to
the Indemnified Party which relates to such action or claim. The indemnifying
party shall keep the Indemnified Party fully apprised at all times as to the
status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its written consent; provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the consent of the Indemnified
Party, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation. Following indemnification as
provided for hereunder, the indemnifying party shall be subrogated to all rights
of the Indemnified Party with respect to all third parties, firms or
corporations relating to the matter for which indemnification has been made. The
failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Party under this Section 6, except to
the extent that the indemnifying party is materially prejudiced in its ability
to defend such action.

                                       9
<PAGE>

            The indemnification required by this Section 6 shall be made by
periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

            The indemnity agreements contained herein shall be in addition to
(i) any cause of action or similar right of any Indemnified Party against the
indemnifying party or others and (ii) any liabilities the indemnifying party may
be subject to pursuant to the law.

7.    CONTRIBUTION.

            If the indemnification provided for in Section 6 is unavailable to
or insufficient to hold harmless an Indemnified Party under subsection (a) or
(b) thereof in respect of any Claim or Indemnified Damages, then each
indemnifying party shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Claim or Indemnified Damages in such
proportion as is appropriate to reflect the relative fault of the Company on the
one hand and the Investor on the other in connection with the statements or
omissions or other matters which resulted in such Claim or Indemnified Damages,
as well as any other relevant equitable considerations. The relative fault shall
be determined by reference to, among other things, in the case of an untrue
statement, whether the untrue statement relates to information supplied by the
Company on the one hand or an Investor on the other and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement. The Company and the Investors agree that it would not be
just and equitable if contribution pursuant to this Section 7 were determined by
pro rata allocation (even if all Investors were treated as one entity for such
purpose) or by any other method of allocation which does not take into account
the equitable considerations referred to above in this Section 7. The amount
paid or payable by an Indemnified Party as a result of the Claims or Indemnified
Damages referred to above in this Section 7 shall be deemed to include any legal
or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 7, no Investor shall be required to contribute any
amount in excess of the net amount of proceeds (i.e., proceeds net of
underwriting discounts, fees, commissions and any other expenses payable by such
Investor) received by the Investor from the sale of the Registrable Securities.
No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. Contribution (together with any
indemnification or other obligations under this Agreement) by any Investor
(including any Indemnified Party associated with such Investor) shall be limited
in amount to the net amount of proceeds (i.e., proceeds net of underwriting
discounts, fees, commissions and any other expenses payable by such Investor)
received by such Investor from the sale of the Registrable Securities.

                                       10
<PAGE>

8.    REPORTS UNDER THE 1934 ACT.

            With a view to making available to the Investors the benefits of
Rule 144 promulgated under the 1933 Act or any other similar rule or regulation
of the SEC that may at any time permit the Investors to sell securities of the
Company to the public without registration ("Rule 144"), the Company agrees to:

            make and keep adequate public information available, as those terms
are understood and defined in Rule 144, at all times;

            file with the SEC in a timely manner all reports and other documents
required of the Company under the 1934 Act so long as (i) the Company remains
subject to such requirements (it being understood that nothing herein shall
limit the Company's obligations under Section 4(c) of the Securities Purchase
Agreement) and (ii) the filing of such reports and other documents is required
for the applicable provisions of Rule 144; and

            furnish to each Investor so long as such Investor owns Registrable
Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting requirements of Rule 144 and the 1934 Act,
(ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested to permit the Investors to sell such
securities pursuant to Rule 144 without registration.

9.    ASSIGNMENT OF REGISTRATION RIGHTS.

            The rights under this Agreement shall be automatically assignable by
the Investors to any transferee of all or any portion of Registrable Securities
if: (i) the Investor agrees in writing with the transferee or assignee to assign
such rights, and a copy of such agreement is furnished to the Company within a
reasonable time after such assignment; (ii) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (a) the
name and address of such transferee or assignee and (b) the securities with
respect to which such registration rights are being transferred or assigned;
(iii) immediately following such transfer or assignment the further disposition
of such securities by the transferee or assignee is restricted under the 1933
Act and applicable state securities laws; (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this sentence the
transferee or assignee agrees in writing with the Company to be bound by all of
the provisions contained herein; and (v) such transfer shall have been made in
accordance with the applicable requirements of the Securities Purchase
Agreement.

10.   AMENDMENT OF REGISTRATION RIGHTS.

            Provisions of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Major Investors who then hold a majority of the Registrable Securities
represented by the Major Investors. Any amendment or waiver effected in
accordance with this Section 10 shall be binding upon each Investor and the
Company. No such amendment shall be effective to the extent that it applies to
less than all of the holders of the Registrable Securities.

                                       11
<PAGE>

11.   MISCELLANEOUS.

            A Person is deemed to be a holder of Registrable Securities whenever
such Person owns or is deemed to own of record such Registrable Securities. If
the Company receives conflicting instructions, notices or elections from two or
more Persons with respect to the same Registrable Securities, the Company shall
act upon the basis of instructions, notice or election received from the
registered owner of such Registrable Securities.

            Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one business day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such
communications shall be:

                  If to the Company:

                           Winwin Gaming, Inc.
                           8687 W. Sahara Ave., Suite 201
                           Las Vegas, Nevada  89117
                           Telephone: (702) 212-4530
                           Facsimile: (702) 212-4553
                           Attention: President

                  With a copy to:

                           Louis A. Bevilacqua
                           Thelen Reid & Priest LLP
                           701 Pennsylvania Avenue, N.W., Suite 800
                           Washington, D.C. 20004-2608
                           Telephone: 202-508-4281
                           Facsimile: 202-654-1804

                  If to Legal Counsel:

                           If to a Buyer or Legal Counsel, to it at the address
                           and facsimile number set forth on the Schedule of
                           Buyers attached hereto, with copies to such Buyer's
                           representatives, if any, specified on the Schedule of
                           Buyers

, or at such other address and/or facsimile number and/or to the attention of
such other Person as the recipient party has specified by written notice given
to each other party in accordance with the above provisions five (5) days prior
to the effectiveness of such change.

                                       12
<PAGE>

            Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

            The corporate laws of the State of Delaware shall govern all issues
concerning the relative rights of the Company and its stockholders. All other
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of
California, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of California or any other
jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of California. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting in the City
of San Francisco, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

            If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the
validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this
Agreement in any other jurisdiction.

            This Agreement, the Securities Purchase Agreement and the constitute
the entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This
Agreement, the Securities Purchase Agreement and the Warrants supersede all
prior agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

            Subject to the requirements of Section 9, this Agreement shall be
binding upon and inure to the benefit of the parties and their respective
permitted successors and assigns.

            The headings in this Agreement are for convenience of reference only
and shall not form part of, or affect the interpretation of, this Agreement.

            This Agreement may be executed in two or more identical
counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other parties; provided that a facsimile signature shall be
considered due execution and shall be binding upon the signatory thereto with
the same force and effect as if the signature were an original, not a facsimile
signature.

                                       13
<PAGE>

            Each party shall do and perform, or cause to be done and performed,
all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

            All consents and other determinations to be made by the Investors
pursuant to this Agreement shall be made, unless otherwise specified in this
Agreement, by Investors holding a majority of the Registrable Securities,
determined as if all of the Warrants have been exercised.

            The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party.

            This Agreement is intended for the benefit of the parties hereto and
their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person.

                                     ******

                                       14
<PAGE>

IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
to be duly executed as of the date first written above.

                                        COMPANY:

                                        WinWin Gaming, Inc.

                                        By: /s/ Patrick O. Rogers
                                           -------------------------------------
                                           Name: Patrick O. Rogers
                                           Title: Chief Executive Officer

                                       15
<PAGE>

                                        BUYERS:

                                        Van Wagoner Private Opportunities
                                          Fund L.P.

                                        By: /s/ Garrett Van Wagoner
                                           -------------------------------------
                                           Name:  Garrett Van Wagoner
                                           Title:

                                       16
<PAGE>

                          REGISTRATION RIGHTS AGREEMENT
                   BUYER SIGNATURE PAGE AND JOINDER AGREEMENT

      By executing this page in the space provided, the undersigned hereby
agrees (i) that the undersigned is a "Buyer," as defined in the Registration
Rights Agreement, dated February 25, 2005, among WinWin Gaming, Inc. and the
initial Buyers party thereto (as amended, modified and supplemented from time to
time, the "Agreement"), (ii) that the undersigned is a party to the Agreement
for all purposes and (iii) that the undersigned is bound by all of the terms and
conditions of the Agreement.

                                        For Individuals:

                                        ________________________________________
                                        Print Name Above

                                        ________________________________________
                                        Sign Name Above

                                        For Entities:

                                        ________________________________________
                                        Print Name Above

                                        By:
                                           _____________________________________
                                           Name:
                                           Title:

                                       17
<PAGE>

                               SCHEDULE OF BUYERS

                                                  Investor's (and Investor's
                                              Representative's, if any) Address
              Investor Name                        and Facsimile Number
-------------------------------------------   ---------------------------------
Van Wagoner Private Opportunities Fund L.P.   c/o Van Wagoner Capital Management
                                              755 Sansome Street, Suite 350
                                              San Francisco, California 94111
                                              Facsimile: 415-835-5050

                                              Shartsis, Friese & Ginsburg LLP
                                              One Maritime Plaza, 18th Floor
                                              San Francisco, California 94111
                                              Attn: Steven O. Gasser, Esq.
                                              Facsimile: 415-421-2922

                                       18
<PAGE>

                                    EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

Integrity Stock Transfer
2920 N. Green Valley Parkway
Building 5   Suite 527
Henderson, NV  89014

Attn:
      ------------------------------

                  Re:      Winwin Gaming, Inc.

Ladies and Gentlemen:

            We are counsel to WinWin Gaming, Inc., a Delaware corporation (the
"Company"), and have represented the Company in connection with that certain
Securities Purchase Agreement (the "Purchase Agreement") entered into by and
among the Company and the buyers named therein (collectively, the "Holders")
pursuant to which the Company (i) issued to the Holders shares of its Common
Stock, par value $0.01 per share (the "Common Shares"), and (ii) warrants
exercisable for shares of its Common Stock (the "Warrants"). Pursuant to the
Purchase Agreement, the Company also has entered into a Registration Rights
Agreement with the Holders (the "Registration Rights Agreement") pursuant to
which the Company agreed, among other things, to register the Registrable
Securities (as defined in the Registration Rights Agreement), including the
Common Shares and the shares of Common Stock issuable upon exercise of the
Warrants, under the Securities Act of 1933, as amended (the "1933 Act"). In
connection with the Company's obligations under the Registration Rights
Agreement, on ____________ ___, 200_, the Company filed a Registration Statement
on Form SB-2 (File No. 333-_____________) (the "Registration Statement") with
the Securities and Exchange Commission (the "SEC") relating to the Registrable
Securities which names each of the Holders as a selling stockholder thereunder.

            In connection with the foregoing, we advise you that a member of the
SEC's staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the 1933 Act at [ENTER TIME
OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge,
after telephonic inquiry of a member of the SEC's staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that
purpose are pending before, or threatened by, the SEC and the Registrable
Securities are available for resale under the 1933 Act pursuant to the
Registration Statement.

            This letter shall serve as our standing notice to you that the
Common Stock is, as of this date, freely transferable by the Holders pursuant to
the Registration Statement. Unless you receive separate notice or instructions
from us following the date hereof and preceding a request by a Holder for a
legend-free certificate or reissue thereof, you need not require further letters
from us to effect any future legend-free issuance or reissuance of shares of
Common Stock to the Holders as contemplated by the Company's Irrevocable
Transfer Agent Instructions dated ________ __, 2005. This letter shall serve as
our standing opinion with regard to this matter.

                                        Very truly yours,

                                        THELEN REID & PRIEST LLP

                                        By:
                                           -------------------------------------

cc: [LIST NAMES OF HOLDERS]

                                       19DATED 22                          FEBRUARY                        2005

                               (1) ZONE4PLAY INC.

                           (2) WINNER.COM (UK) LIMITED

                            (3) TWO WAY MEDIA LIMITED

                    ----------------------------------------

                             INTERACTIVE FIXED ODDS
                           BETTING SERVICES AGREEMENT

                    -----------------------------------------

<PAGE>

THIS AGREEMENT is made on the 22 day of February 2005

BETWEEN:

(1)   ZONE 4 PLAY INC. a company registered under the laws of Delaware and whose
      principal place of business is at 103 Foulk Road, Suite 202, Wilmington,
      Delaware 19803 U.S.A ("Z4P");

(2)   WINNER.COM (UK) LIMITED a company registered in England and Wales under
      number 4494943 and whose registered office is at 16 Theberton Street,
      Islington, London N1 0QX ("Winner"); and

(3)   TWO WAY MEDIA LIMITED a company registered in England and Wales under
      number 4904168 and whose registered office is at 19 Bolsover Street,
      London W1W 5NA ("TWM").

WHEREAS:

(A)   Z4P is a provider of client-side game applications and of back-end systems
      for the gaming and betting industries. Winner is the holder of a
      bookmaker's permit in the UK and the owner of the trade mark WINNER.COM
      and domain name winner.co.uk. TWM is establishing fixed odds betting
      services on digital television, the World Wide Web, mobile
      telecommunications networks and other digital platforms and wishes to
      engage Z4P and Winner to provide client-side game applications,
      server-side software capable of managing such Channels and project
      management support and technical services for such Channels.

(B)   Telewest Limited ("Telewest"), NTL Group Limited ("NTL") and other digital
      platform operators deliver to their digital television customers a `walled
      garden' product comprising various interactive services delivered in
      digital form, including opportunities to search for information and
      purchase goods and services from a range of content providers selected by
      Telewest, NTL and other digital platform operators. TWM has signed and
      secured an agreement with Telewest and NTL to be one of their content
      providers of fixed odds betting channels.

(C)   On October 12th 2004 Z4P, Winner and TWM entered into an agreement for TWM
      to engage Z4P and Winner to provide client-side game applications,
      server-side software and project management support and the parties hereby
      wish to terminate that agreement and replace it with this agreement.

IT IS HEREBY AGREED AS FOLLOWS:

1.    Definitions and Interpretation

1.1.  Unless otherwise stated, capitalised words and phrases used in this
      Agreement shall have the meanings set out in Schedule 1.

                                       1
<PAGE>

1.2   The Schedules to this Agreement form part of and are incorporated into
      this Agreement and references to Clauses and Schedules shall be to clauses
      and schedules of this Agreement. Each of the parties shall comply with
      their respective obligations as are set out in the Schedules.

1.3   References to a person shall include an individual, corporation, limited
      or unlimited liability company, general or limited partnership, trust,
      unincorporated association or any other legal entity.

1.4   Headings in this Agreement are used for convenience only and shall not
      affect the construction of this Agreement.

2.    Termination of the Original Agreement and Term of this Agreement

2.1   The parties hereby agree that upon the commencement of this Agreement the
      Original Agreement shall by mutual consent terminate with immediate
      effect.

2.2   Subject to the termination rights in Clause 13, this Agreement shall
      commence on the date of signature of this Agreement, and shall continue
      thereafter for a period of 3 (three) years (the "Initial Term").

2.3   The Initial Term shall be automatically extended for subsequent periods of
      two years, unless the parties give notice of termination of this Agreement
      no later than six (6) months before the end of the Initial Term or the end
      of each subsequent period of two years thereafter. The Initial Term and
      any such extension thereof shall hereinafter be referred to as the "Term".

2.4   Z4P shall use all reasonable endeavours to ensure that the front end and
      back end development for which it is responsible under this Agreement
      shall be completed to enable the Content and the Services to be launched
      no later than 24th January 2005.

2.5   TWM shall use all reasonable endeavours to ensure a customer services
      solution, integration and testing is completed to enable the Content to be
      launched no later than 24th January 2005.

3.    The Content

3.1   Z4P shall at its own cost deliver the Content to TWM in accordance with
      Schedule 2 and the Project Plan. TWM, Z4P and Winner shall convene at
      least weekly project management conference calls to discuss progress in
      relation to the Project Plan.

3.2   Z4P grants to TWM a royalty free licence (with the right to sub-license)
      throughout the Term and within the Territory, in accordance with and
      subject to the terms and conditions of this Agreement, to:

      3.2.1 display, copy, electronically store, use, distribute and download
            the Content; and

                                       2
<PAGE>

         3.2.2    reformat the Content to the extent that it is reasonably
                  necessary for technical reasons so that it can be distributed
                  in the Territory.

3.3   TWM and Z4P shall use best endeavours to ensure that all of the Content
      provided by Z4P complies with all applicable laws, regulations, guidelines
      and codes of practice (including, if applicable, those of the Advertising
      Standards Authority, the British Codes of Advertising and Sales Promotion
      and the Independent Committee for the Supervision of Standards of
      Telephone Information Services (ICSTIS), any applicable OFCOM Codes and/or
      Regulations and the UK Gaming Board's guidelines in relation to Fixed Odds
      Betting services (and any successor body of the UK Gaming Board)). In the
      Event that TWM becomes aware that the Content is or has become
      non-compliant in accordance with this Clause 3.3, then TWM shall promptly
      notify Z4P and Z4P shall have 30 days from the date of TWM's notification
      to remedy any such non-compliance.

4.    The Services and the Software

4.1   Z4P shall at its own cost provide the Services and the Software to TWM in
      accordance with Schedule 3 and the Project Plan.

4.2   TWM and Z4P shall ensure that all of the Services and the Software comply
      with all applicable laws, regulations, guidelines and codes of practice
      (including, if applicable, those of the Advertising Standards Authority,
      the British Codes of Advertising and Sales Promotion and the Independent
      Committee for the Supervision of Standards of Telephone Information
      Services (ICSTIS), any applicable OFCOM Codes and/or Regulations and the
      UK Gaming Board's guidelines in relation to Fixed Odds Betting services
      (and any successor body of the UK Gaming Board)). In the Event that TWM
      becomes aware that the Services and/or the Software are or have become
      non-compliant in accordance with this Clause 4.2, then TWM shall promptly
      notify Z4P and Z4P shall have 30 days from the date of TWM's notification
      to remedy any such non-compliance.

4.3   Z4P shall grant to TWM a royalty-free licence (with the right to
      sub-license) to use the Software throughout the Term and within the
      Territory in accordance with the terms and conditions of this Agreement.

4.4   Throughout the term of this agreement Winner shall make available the URLs
      www.winner.co.uk exclusively for the provision of the Permitted Services.

5.    Exclusivity

5.1   Z4P shall not provide client side applications (including but not limited
      to the Content) and/or server side systems and software (including but not
      limited to the Software) by itself and/or to other parties providing Fixed
      Odds Services on cable platforms in the Territory for the period of the
      Term without the prior written consent of TWM. Subject to Clause 5.5, the
      parties further acknowledge that Z4P is in no way restricted from pursuing

                                       3
<PAGE>

      existing and other business ventures relating to Digital Satellite,
      Internet and Mobile Cellular applications and solutions, save that either
      Z4P or TWM shall not use the Brand and/or any Intellectual Property Rights
      jointly owned between any of the parties without the other prior written
      consent.

5.2   Winner shall not itself nor authorise third parties to retail in the
      Territory, Fixed Odds Services on cable television or on the internet or
      license the WINNER.COM trade mark and/or the Brand to other Fixed Odds
      Services in the Territory, on cable television or the internet for the
      period of the Term without the prior written consent of TWM. For the
      purposes of this clause 5.2 insofar as it relates to the internet, Fixed
      Odds Services shall mean fixed odds betting services that legally may be
      provided to remote customers in the United Kingdom at the date of this
      Agreement (and for the avoidance of doubt shall not extend to together
      with such other betting or gaming services provided to remote customers in
      the United Kingdom which from time to time become permissible in
      accordance with applicable laws and regulations);

5.3   TWM shall not provide client side applications and/or server side systems
      and software to other parties providing Fixed Odds Services on cable
      platforms in the Territory than those envisaged in this Agreement without
      the prior written consent of Z4P.

5.4   Z4P, Winner and TWM agree to collaborate on new business opportunities in
      relation to fixed odds betting and gaming services on other platforms.

5.5   Winner will be TWM's preferred partner to help it build its business and
      its brand in broadband, mobile and digital satellite in the UK.

6.    Revenue share

6.1   In consideration for Z4P providing the Content, the Software and the
      Services, and Winner entering into this Agreement, the parties shall share
      Profit and losses in accordance with the provisions set out in Schedule 5.

7.    Marketing

7.1   The parties agree to market and promote the Content and the Channels in
      accordance with the provisions of Schedule 6.

8.    Licences

8.1   Winner, Z4P and TWM shall obtain and shall throughout the Term maintain
      and comply with the terms of all consents, licences and clearances which
      are necessary in relation to the deliverables that that party provides
      for:

      8.1.1 the Content to be included in, and provided to Digital Subscribers
            as part of any Channel (including but not limited to a bookmaker's
            permit); and

                                       4
<PAGE>

      8.1.2 Transactions to be carried out (including the maintenance of betting
            accounts, and receipt and fulfilment of all Bets undertaken by way
            of Transactions).

9.    Intellectual Property Rights

9.1   Z4P will retain ownership in any Intellectual Property Rights it
      contributes to enable the Channels to be launched and operated. For the
      avoidance of doubt this will include but not be limited to the game
      engines, and gaming back-end it contributes in accordance with this
      Agreement.

9.2   TWM will retain ownership in any Intellectual Property Rights it
      contributes to enable the Channels to be launched and operated. For the
      avoidance of doubt this will include but not be limited to the game names
      and graphic components it contributes in accordance with this Agreement.

9.3   The Channels shall be branded "WINNER" (the "Brand") unless it is found
      that third parties own trade mark rights which could or would preclude the
      Channels being branded "WINNER". TWM acknowledges ownership by Winner of
      the trade mark WINNER.COM in the UK under trade mark number E1627116 in
      class 41. Winner and Z4P undertake (a) not to apply to revoke the
      WINNER.COM trade mark or object or challenge the use by TWM and/or any of
      its licensees or sub-licensees of the Brand; and (b) not to oppose any
      application by TWM to register trade marks in relation to the Brand (in
      stylised logo form) in the EU. TWM shall not use the trade marks it has
      registered or applied for in relation to the Brand in stylised logo form
      during the Term (the "Logos") without Winner's prior consent (such consent
      not to be unreasonably withheld or delayed) and neither TWM nor Z4P shall
      be entitled to use such Logos other than for the purposes envisaged under
      this Agreement without the other party's consent (such consent not to be
      unreasonably withheld or delayed) either during the Term or after
      termination of this Agreement. This section does not in any way undermine
      Winner's rights under its trade marks of winner.com and its domain names
      winner.com and winner.co.uk.

9.4   Winner, shall at TWM's request, allow TWM to operate the Channels under
      Winner's bookmaker's permit. Winner will use best endeavours to retain
      ownership in its bookmaker's permit throughout the Term.

9.5   Intellectual Property Rights created jointly by Z4P and TWM during the
      Term solely for the Channels, such as the client-side applications, will
      be held jointly between Z4P and TWM. Z4P and TWM shall be entitled to
      license such jointly owned Intellectual Property Rights to third party
      with the other party's prior written consent, such consent not to be
      unreasonably withheld or delayed.

9.6   Subject always to Clause 10, the database containing details of Digital
      Subscribers using the Channels and all associated Transactions history and
      generated by the Channels during the Term (the "Database") will be jointly
      owned by the Parties. No Party will have the right to contact or market
      services to the Digital Subscribers listed in the Database (except TWM for
      the purpose of marketing or promoting the Channels), or sell rights to

                                       5
<PAGE>

      access the Database, at any time including after the end of the Term,
      without the prior written approval of the other Parties and subject to
      compliance with Clause 10.

10.   Personal Data

10.1  The parties agree to keep all personal data of Digital Subscribers
      strictly confidential and separate from other records and information. The
      parties will at all times ensure their own compliance with all the
      provisions of Data Protection Legislation applicable to them. The words
      'personal data' shall have the meaning attributed thereto by Section 1 of
      the Data Protection Act 1998. TWM shall notify Z4P if it becomes aware
      that Z4P is infringing any of the provisions of the Data Protection
      Legislation or any other applicable codes, regulations or guidelines as
      described herein.

10.2  Z4P shall:

      (a)   only act on instructions from TWM regarding the processing of
            personal data under this Agreement and ensure that appropriate
            technical and organisational measures shall be taken against
            unauthorised or unlawful processing of the personal data and against
            accidental loss or destruction of, or damage to, the personal data;
      (b)   comply with any reasonable request made by TWM to ensure compliance
            with the measures mentioned in Clause 10.2(a);
      (c)   take the measures mentioned in Clauses 10.2(a) and 10.2(b) so as to
            ensure a level of security appropriate to: (i) the harm that may
            result from breach of such measures, and (ii) the nature of the
            personal data to be protected; and
      (d)   take reasonable steps to ensure the reliability of its employees or
            sub-contractors who have access to the personal data provided by
            TWM.

10.3  For the avoidance of doubt, Z4P agrees that personal data it may have
      access to under this Agreement is Confidential Information and it shall
      not be entitled to transfer such personal data to any third parties
      without the prior written consent of TWM.

10.4  During the Term TWM shall have the right to enter Z4P's premises upon
      providing not less than one week written advance notice to Z4P and during
      normal business hours in order to inspect and audit at TWM's expense all
      records and systems of Z4P once in every 12 month period for the purpose
      of verifying Z4P's compliance under this Clause 10 and Clause 14.

10.5  The Standard Contractual Clauses for the transfer of personal data to
      third countries under Directive 95/46/EC contained in the Annex to the
      Commission Decision of 27 December 2001 are incorporated into this
      Agreement with the following changes:

      (a)   Data Exporter shall mean Two Way Media Limited;
      (b)   Data Importer shall mean Zone 4 Play, Inc.;
      (c)   With reference to Clause 9 of the Standard Contractual Clauses, the
            Governing Law is English law;

                                       6
<PAGE>

      (d)   With reference to Appendix 1 of the Standard Contractual Clauses,
            the Data Exporter will allow the Data Importer to upload and store
            personal data for back-up for archiving and disaster recovery
            purposes in Israel; the personal data transferred concern the
            following categories of data subjects: Digital Subscribers using the
            Channels; the personal data transferred falls within the following
            categories of data: sensitive and non-sensitive personal data; the
            personal data transferred will be subject to the following basic
            processing activities: back-up for archiving and disaster recovery
            purposes.
      (e)   With reference to Appendix 2 of the Standard Contractual Clauses,
            the technical organisation and security measures implemented by the
            data importer in accordance with Clauses 4d and 5c of the Standard
            Contractual Clauses are as mentioned above in Clause 10.2.

11.   Reporting and audit

11.1  For the avoidance of doubt, Digital Subscribers registering shall contract
      with TWM in relation to the Content. TWM shall distribute Content Revenues
      generated in accordance with Schedule 5. TWM shall use reasonable
      endeavours to provide to Z4P and Winner within 5 days after the end of
      each calendar month from the launch date of the Channels during the Term a
      report (each, a "Monthly Report") detailing the following information:

            (i) the total number of Transactions carried out during the relevant
            billing period;

            (ii) the value of each Transaction;

            (iii) the date of each Transaction;

            (iv) the Game category of each Transaction;

            (v) total Content Revenues;

            (vi) the calculation of Profit in respect of the relevant
            Transactions (including but not limited to details of all relevant
            deductions actually made and/or due); and

            (vii) a summary of the status of client accounts used for holding
            Digital Subscribers' deposits.

11.2  Upon receipt of the Monthly Report, Z4P and Winner (if it is entitled to a
      Profit share) will invoice TWM for their respective Profit share in
      accordance with the provisions of Schedule 5. TWM shall pay Z4P and/or
      Winner the Profit shares within 10 days of receipt of an invoice from Z4P
      and/or Winner in respect thereto.

11.3  During the Term Z4P and/or Winner shall have the right to enter TWM's
      premises upon providing not less than one month written advance notice to
      TWM and during normal business hours in order to inspect and audit at Z4P
      and/or Winner's expense all records and accounts of TWM once in every 6

                                       7
<PAGE>

      month period for the purpose of verifying Monthly Reports delivered and/or
      due and the Profit shares paid or payable to Z4P and/or Winner by TWM
      under this Agreement.

11.4  In the event that any inspection or audit carried out pursuant to Clause
      11.3 reveals that the amount of the Profit shares invoiced by Z4P and
      Winner (if applicable) in respect of the period covered by such inspection
      or audit is more than 5% lower than the actual amount of the Profit shares
      due and payable in respect of the relevant period, then TWM shall
      forthwith reimburse the costs incurred by Z4P and/or Winner in respect of
      such inspection or audit and TWM shall pay Z4P and/or Winner those sums
      owing to Z4P and/or Winner plus interest at the rate of 3% per annum above
      Barclays Bank Plc's base rate for the period from the due date to the date
      of payment.

12.   Confidentiality

12.1  Either party may disclose Confidential Information to such of its
      employees, agents and subcontractors to the extent strictly necessary for
      each party to perform its obligations set out in this Agreement. Each
      party agrees and undertakes that it will, and will procure that its
      employees, agents and subcontractors will, keep all Confidential
      Information confidential and will not disclose it in whole or in part to
      any third party, nor use Confidential Information for any purpose other
      than the performance of its obligations under this Agreement nor make any
      public announcement regarding the terms or operation of this Agreement
      except with the express written consent of the other or as required by
      law. This provision shall survive the termination of this Agreement
      howsoever and without limitation of time.

12.2  Confidential Information shall not include information which:

      12.2.1 at or prior to the time of disclosure was known to the receiving
            party except to the extent that such information was obtained
            unlawfully or by a breach of confidentiality;

      12.2.2 at or after the time of disclosure becomes generally available to
            the public other than through any act or omission on the part of the
            receiving party;

      12.2.3 is independently developed by the receiving party; or

      12.2.4 is required to be disclosed by law, by a court order or by any
            competent government or regulatory authority.

12.3  Notwithstanding clause 12.1, the parties shall within four weeks from the
      date of signature of this Agreement meet to agree in good faith a press
      announcement to be released by the parties regarding the subject matter of
      this Agreement.

                                       8
<PAGE>

13.   Termination

      13.1  Either party may terminate this Agreement by notice to the other
            party if:

      13.1.1 the other party is in breach of any of its material obligations
            under this Agreement and the other party fails to remedy such breach
            (if capable of remedy) within 30 days of receipt of a notice
            specifying such breach and requiring such breach to be remedied;

      13.1.2 any of the warranties on the part of the other party contained in
            this Agreement is or becomes untrue or inaccurate in any material
            respect; or

      13.1.3 an order is made for the winding up of the other party or an
            effective resolution is passed for the winding up of the other party
            (other than for the purposes of solvent amalgamation or
            reconstruction), the other party has a receiver, administrative
            receiver or administrator appointed in respect of all or any part of
            its assets party (other than for the purposes of solvent
            amalgamation or reconstruction).

13.2  Without prejudice to any other rights under this Agreement, TWM may
      terminate this Agreement by providing Z4P and Winner prior written notice
      of 30 days, if Z4P and/or Winner, unless cured within such notice period,
      do or omit to do anything that would cause TWM (including its respective
      officers, directors, employees, permitted successors and assigns) to be in
      breach of any laws or regulations relating to betting or gaming or to
      otherwise expose TWM (including its respective officers, directors,
      employees, permitted successors and assigns) to any liability under any
      laws or regulations relating to betting or gaming.

13.3  Any termination of this Agreement shall not affect any accrued rights or
      liabilities of either party.

13.4  After expiry or termination of this Agreement:

      13.4.1 TWM shall return to Z4P and/or destroy any and all data, materials,
            files and programs (including but not limited to the Games) stored
            on TWM's systems which belong to Z4P;

      13.4.2 Z4P and Winner shall return to TWM and/or destroy any and all data,
            materials, files and programs which belong to TWM;

      13.4.3 all licences granted under this Agreement shall terminate;

      13.4.4 the following Clauses shall survive termination of this Agreement:
            Clauses 9, 11.1, 11.2, 12, 13.4, 15, 16, 17, 22, 23, 24, 26 and 27.

                                       9
<PAGE>

14.   Warranties

14.1  In addition to the parties' obligations set out in Clauses 10, each party
      warrants that it will comply with Data Protection Legislation and any
      directions issued by the Information Commissioner in relation to such
      obtaining, storage and use of personal data of Digital Subscribers as may
      be required or carried out under this Agreement (whether in relation to
      Transactions or otherwise).

14.2  Z4P undertakes, represents and warrants that:

      14.2.1 it has full power and authority to enter into this Agreement and to
            perform its obligations according to the terms of this Agreement,
            and that it will maintain such authority throughout the Term;

      14.2.2 Z4P will not, to the best of its knowledge having carried out all
            reasonable enquiries (excluding obtaining legal opinion with respect
            thereof), do or omit to do anything that would cause TWM (including
            its respective officers, directors, employees, permitted successors
            and assigns) to be in breach of any laws or regulations relating to
            betting or gaming (or to otherwise expose TWM or its respective
            officers, directors, employees, permitted successors and assigns to
            any liability under any laws or regulations relating to betting or
            gaming).

      14.2.3 to the best of its knowledge having carried out all reasonable
            enquiries (excluding obtaining legal opinion with respect thereof)
            neither the exercise by TWM of any of the rights in and to the
            Content, the Software and/or the Z4P Equipment granted to it by Z4P
            under this Agreement nor the Content (or any part thereof), the
            Services, the Software and/or Z4P Equipment as delivered by Z4P to
            TWM under this Agreement will breach any law, regulation or
            applicable code of conduct or infringe any Intellectual Property
            Rights of any third party or constitute a breach of confidence or be
            defamatory of any person;

      14.2.4 it owns or will prior to delivery of the Content to TWM have
            obtained all rights, consents, licences, clearances and waivers in
            or in relation to the Content (and all material contained therein)
            which are necessary to enable TWM to include the Content in, and
            make the Content available to Digital Subscribers on the Channels
            (including, without limitation, all necessary clearances and
            licenses from music collecting societies such as PRS, PPL and MCPS
            or any similar body, if applicable);

      14.2.5 the Content (and all Transactions in respect thereto) shall comply
            with the SSSL Policy at all times during the Term and the software

                                       10
<PAGE>

            underlying each Game is operated on a random basis and shall comply
            with all laws and/or regulations applicable to such software;

      14.2.6 the Content shall not contain any Unacceptable Content;

      14.2.7 the Software shall meet best industry standards for operating and
            managing a Fixed Odds Betting channel and shall allow: (a) all
            Transactions in relation to the Content to be executed in a secure
            environment, (b) separate, complete, accurate and detailed records
            and accounts of all Transactions, Content Revenues and all uses of
            the Content by Digital Subscribers to be maintained and produced on
            a daily, weekly and monthly basis, and (b) TWM to operate the
            Channels as envisaged under this Agreement.

      14.2.8 it shall use all reasonable endeavours to ensure that the Z4P
            Equipment in respect of the Channels (including but not limited to
            the Content back-end systems) has sufficient capacity to deal with
            the load placed upon it by Digital Subscribers without material
            degradation of quality or performance under normal range of levels
            of demand (on the basis of prior use of the Content) and will not
            cause the Content to be available for less than 99% during any
            calendar month of the Term.

      14.2.9 it shall use all reasonable endeavours to ensure that the Content,
            the Software and the Z4P Equipment shall comply with the Functional
            Specification and shall be secure and able to resist access by
            unauthorised third parties, attempted fraud, Virus attacks and other
            malicious acts by third parties and has the capability to identify
            and isolate fraudulent Transactions.

      14.2.10 it shall use reasonable endeavours to ensure that Z4P (and shall
            ensure that its employees, agents and/or sub-contractors) shall not
            adversely modify, damage or destroy any information or data
            contained in the systems used for the Channels (including but not
            limited to the Z4P Equipment and/or the Software) and Z4P shall have
            secure connectivity to the systems used for the Channels, and Z4P
            shall ensure that its employees, agents and/or sub-contractors are
            not able to commit fraud or any other malicious acts with any of the
            information contained in the systems used for the Channels.

      14.2.11 Z4P shall incorporate within the Software and Services a secure
            Random Number Generator which conforms with industry best practice
            for Fixed Odds Betting services.

                                       11
<PAGE>

14.3  TWM undertakes, represents and warrants that:

      14.3.1 it has full power and authority to enter into this Agreement and to
            perform its obligations according to the terms of this Agreement,
            and that it will maintain such authority throughout the Term;

      14.3.2 it shall use reasonable endeavours to ensure that the provision of
            the Content to Digital Subscribers shall be in accordance with best
            industry practice policies and/or guidelines applicable to such
            online Fixed Odds Services (each, a "Third Party Policy"). The
            document entitled "Player protection and social responsibility: Code
            of Practice for Interactive Gambling" issued by Gamcare and BSkyB
            dated July 2003 (and any successor document issued by Gamcare and
            where appropriate BSkyB) shall constitute such a Third Party Policy,
            and Z4P shall ensure that the Content and all Transactions comply
            with the same; and

      14.3.3 it owns or will own all rights, consents, licences, clearances and
            waivers in or in relation to any TWM deliverables (and all material
            contained therein) which are necessary to enable TWM to make the
            Content available to Digital Subscribers on the Channels.

      14.3.4 has the necessary experience, knowledge, expertise, competent
            manpower, facilities, software, technology and the capacity to
            provide and perform its obligations under this Agreement.

14.4  Winner undertakes, represents and warrants that:

      14.4.1 it has full power and authority to enter into this Agreement and to
            perform its obligations according to the terms of this Agreement,
            and that it will maintain such authority throughout the Term;

      14.4.2 it owns the registered trade mark WINNER.COM and the URL
            www.winner.co.uk in the UK and has obtained a bookmaker's permit to
            operate Fixed Odds Betting services in the UK; and

      14.4.3 the use by TWM of the Brand will not breach any law, regulation or
            applicable code of conduct or infringe any Intellectual Property
            Rights of any third party or constitute a breach of confidence or be
            defamatory of any person.

                                       12
<PAGE>

15.   Indemnities

15.1  Z4P agrees to indemnify and keep indemnified TWM (including its respective
      officers, directors, employees, permitted successors and assigns) against
      any Losses suffered or incurred as a result of a breach of any of the
      warranties on the part of Z4P contained in this Agreement.

15.2  Winner agrees to indemnify and keep indemnified TWM (including its
      respective officers, directors, employees, permitted successors and
      assigns) against any Losses suffered or incurred as a result of a breach
      of any of the warranties on the part of Winner contained in this
      Agreement.

15.3  TWM agrees to indemnify and keep indemnified Winner and/or Z4P (including
      their respective officers, directors, employees, permitted successors and
      assigns) against any Losses suffered or incurred as a result of any breach
      of the warranties on the part of TWM contained in this Agreement.

15.4  Z4P agrees to indemnify and keep indemnified TWM (including its respective
      officers, directors, employees, permitted successors and assigns) against
      any Losses suffered or incurred as a result of:

      (a)   a claim by any third party that the Content (or any part thereof),
            the Services, the Software and/or Z4P Equipment as delivered by Z4P
            to TWM under this Agreement breaches any law, regulation or
            applicable code of conduct or infringes any Intellectual Property
            Rights of any third party or constitute a breach of confidence or is
            defamatory of any person;

      (b)   Z4P and/or Winner (including their respective officers, directors,
            employees, permitted successors and assigns) causing TWM (including
            its respective officers, directors, employees, permitted successors
            and assigns) to be in breach of any laws or regulations relating to
            Fixed Odds Services; or

      (c)   Z4P's and/or Winner's (including their respective officers,
            directors, employees, contractors, permitted successors and assigns)
            acts, errors and/or omissions (including but not limited to
            negligent or fraudulent acts), save where such acts, errors and/or
            omissions have been made at TWM's request

      provided that such Losses incurred or suffered are not caused by TWM
      (including its respective officers, directors, employees, contractors,
      permitted successors and assigns).

15.5  TWM agrees to notify Z4P if it becomes aware of any third party claim or
      other events which may fall under the indemnities in Clause 15.4 and which
      come to its attention, with all relevant information in its possession and
      any advice it may give on how to cure such event. TWM and Z4P agree to
      provide each other all reasonable assistance in relation to any such
      proceedings. For the purpose of clarification, at Z4P request, TWM shall
      empower Z4P to defend any claim and appoint its legal advisors with
      respect hereof.

                                       13
<PAGE>

15.6  TWM agrees to indemnify and keep indemnified Z4P (including its respective
      officers, directors, employees, permitted successors and assigns) against
      any Losses suffered or incurred as a result of:

      (a)   a claim by any third party that TWM through the performance of its
            obligations under this Agreement breaches any law, regulation or
            applicable code of conduct or infringes any Intellectual Property
            Rights of any third party or constitute a breach of confidence or is
            defamatory of any person;

      (b)   TWM (including their respective officers, directors, employees,
            permitted successors and assigns) causing Z4P (including its
            respective officers, directors, employees, permitted successors and
            assigns) to be in breach of any laws or regulations relating to
            Fixed Odds Services in the UK; or

      (c)   TWM's (including their respective officers, directors, employees,
            contractors, permitted successors and assigns) acts, errors and/or
            omissions (including but not limited to negligent or fraudulent
            acts), save where such acts, errors and/or omissions have been made
            at Z4P's request,

      provided that such Losses incurred or suffered are not caused by Z4P
      (including its respective officers, directors, employees, contractors,
      permitted successors and assigns).

15.7  Z4P agrees to notify TWM if it becomes aware of any third party claim or
      other events which may fall under the indemnities in Clause 15.6 and which
      come to its attention, with all relevant information in its possession and
      any advice it may give on how to cure such event. TWM and Z4P agree to
      provide each other all reasonable assistance in relation to any such
      proceedings. For the purpose of clarification, at TWM request, Z4P shall
      empower TWM to defend any claim and appoint its legal advisors with
      respect hereof.

16.   Limitation of Liability

16.1  Subject to Clauses 16.2 and 16.3 (but excluding any liability under
      Clauses 14.2.2 and 14.2.3), the total liability of either party under or
      arising out of this Agreement shall not exceed (pound)3,000,000 in respect
      of any one incident (and for these purposes a number of claims during any
      twelve (12) month period of the Term arising out of the same circumstances
      shall be treated as a single incident). The total liability of either
      party under or arising out of Clauses 14.2.2 and 14.2.3 shall not exceed
      (pound)5,000,000 in respect of any one incident (and for these purposes a
      number of claims arising during any twelve (12) month period of the Term
      out of the same circumstances shall be treated as a single incident).

16.2  Nothing in this Clause 16 shall be construed to exclude the liability of
      either party for death or personal injury caused by its negligence.

                                       14
<PAGE>

16.3  Neither party shall be liable to the other party for any indirect or
      consequential loss or damage howsoever caused (including but not limited
      to loss of profit, anticipated savings, wasted expenditure and loss of
      data) arising out of or in connection with this Agreement.

17.   Escalation Procedure

17.1  In the event of a dispute between the parties in relation to this
      Agreement the parties shall use their best endeavours to ensure that the
      dispute is resolved at the level of the appropriate commercial managers.

17.2  If the dispute remains unresolved fifteen (15) working days after referral
      to the commercial managers the dispute shall be referred to the
      appropriate managers with overall responsibility for interactive services
      who shall meet within fifteen (15) working days of referral in order to
      resolve the dispute.

17.3  If the dispute remains unresolved within fifteen (15) working days of
      referral under Clause 17.2, then the parties shall be free to pursue
      whatever legal remedies may be available to them.

18.   Force Majeure

18.1  Neither party shall be liable to the other or be deemed to be in breach of
      this Agreement by reason of any delay in performing or failure to perform
      any of its obligations hereunder if and to the extent that the delay or
      failure was caused by an event beyond that party's reasonable control
      (including, without limitation, any strike, lockout or other industrial
      action, act of God, war or threat of war or prohibition or intervention by
      any government or competent regulatory authority) (a "Force Majeure
      Event").

18.2  A party claiming a delay in performing, or a failure to perform, any of
      its obligations due to a Force Majeure Event must immediately notify the
      other of the relevant circumstances.

19.   Entire Agreement

19.1  This Agreement contains the entire agreement of the parties relating to
      the Content and supersedes all previous proposals, arrangements and
      agreements between the parties relating to the Content. This Agreement
      shall not be varied except by an agreement in writing signed by a duly
      authorised representative of each party.

19.2  Each party confirms that it has not relied on any statement or
      representation given by the other party except those expressly repeated
      herein.

20.   Severance

      If any provision of this Agreement is held by any competent court or
      regulatory authority to be void or unenforceable in whole or in part and
      such provision is not fundamental to the commercial purpose of this
      Agreement, this Agreement shall continue in force in relation to the

                                       15
<PAGE>

      unaffected provisions and the remainder of the provision in question and
      the parties shall negotiate in good faith (a) replacement term(s) for the
      affected provision in order to achieve as closely as possible the original
      intentions of the parties.

21.   No Partnership

      Nothing in this Agreement shall be construed as creating a partnership,
      joint venture or agency relationship between the parties.

22.   Waiver

22.1  No failure or delay by either party in exercising any right, power or
      privilege under this Agreement shall operate as a waiver thereof nor shall
      any single or partial exercise by such party of any right, power or
      privilege preclude any further exercise thereof or the exercise of any
      other right, power or privilege.

22.2  The right and remedies herein provided are cumulative and not exclusive of
      any rights and remedies provided by law.

23.   Contract Rights of Third Parties

      The Parties hereto shall be the only parties entitled to rely on the
      provisions hereof or bring any action in respect of such provisions and no
      third party shall be entitled to benefit from or rely upon any rights or
      obligations herein unless expressly provided for herein and to the maximum
      extent possible, the provisions of the Contracts (Rights of Third Parties)
      Act 1999 shall be hereby excluded.

24.   Notices

24.1  Any notice or other communication given or made under this Agreement shall
      be in writing and may be delivered or sent by first class prepaid recorded
      delivery letter or facsimile transmission to the address of that party
      specified in this Agreement or to that party's facsimile transmission
      number thereat or such other address or number in England as may be
      notified hereunder by that party from time to time for this purpose and
      shall be effectual notwithstanding any change of address not so notified.

24.2  Each such notice or communication shall be deemed to have been given or
      made and delivered, if by letter, 48 hours after posting, if by delivery,
      when left at the relevant address or, if by facsimile transmission upon
      receipt by the addressee of the complete text in legible form.

25.   Assignment

      The parties may not assign this Agreement in whole or in part to any third
      party without the prior written consent of the other party (such consent
      not to be unreasonably withheld or delayed).

                                       16
<PAGE>

26.   Escrow agreement

      Z4P shall place the source code of the Software and/or the Content into
      escrow with the NCC Group Limited (the "NCC") under the standard single
      licence escrow agreement terms of the NCC, and the costs of maintaining
      such escrow agreement shall be borne equally between Z4P and TWM. TWM
      shall be entitled under the escrow agreement to gain access to that source
      code if:

      (a)   Z4P is unable to pay its debts within the meaning of section 123 of
            the Insolvency Act 1986 or if a trustee receiver administrative
            receiver or similar officer is appointed in respect of the business
            or assets of Z4P or other steps are taken for the winding up of Z4P
            or for the making of an administration order;

      (b)   Z4P has breached its obligations in relation to the Software and/or
            the Content for any reason under the Service Level Agreement and
            failed to remedy such breach within 60 days of being so-notified in
            writing by TWM, in which event Z4P shall also be obliged to assist
            TWM's staff which take over such obligations by providing all
            training, cooperation, assistance and information as necessary; and

      (c)   Z4P is unable to perform its obligations relating to the Software
            and/or the Content under this Agreement due to a Force Majeure
            Event.

      For the avoidance of doubt, the parties agree that the occurrence of any
      of the above source code release events contained in clauses 26(a), (b)
      and (c) above shall not affect Z4P's right to revenue as set forth in
      Schedule 5 subject to any termination rights which may be exercised by TWM
      under this Agreement.

27.   Governing law and jurisdiction

      This Agreement shall be governed by and construed in accordance with
      English law and the parties hereby submit to the exclusive jurisdiction of
      the English courts.

IN WITNESS WHEREOF this Agreement has been executed by duly authorised
representatives of the parties

SIGNED by on behalf of      ) Signature:   /s/ Guy Templer
TWO WAY MEDIA LIMITED       )
                            ) Print name:  Guy Templer
                            )
                            )
                              Title:       Commercial Director

                                       17
<PAGE>

SIGNED by on behalf of      ) Signature:   /s/ Shimon Citron
ZONE 4 PLAY, INC.           )
                            ) Print name: Shimon Citron
                            )
                              Title:      CEO

SIGNED by on behalf of      ) Signature:   /s/ Jonathan Curtiss
WINNER.COM (UK) LIMITED     )
                            ) Print name:  Jonathan Curtiss
                            )
                              Title:       Director

                                       18
<PAGE>

                                   SCHEDULE 1

                                   Definitions

In this Agreement:

"Agreement"                               means this agreement and all Schedules
                                          hereto

"Bankers Games Regulations"               means the Gaming Clubs (Bankers'
                                          Games) Regulations 1994 (SI
                                          1994/2899)(as amended). For the
                                          avoidance of doubt, games as at the
                                          date of signature of this Agreement
                                          authorised under the Regulations are:
                                          Roulette, Dice, Baccarat, Casino Stud
                                          Poker, Super Pan 9, The Big Six, Sic
                                          Bo and Three Card Poker.

"Bet"                                     means the staking of money or monies
                                          worth upon the outcome of an uncertain
                                          or unascertained event in return for a
                                          promise to give money or monies worth
                                          upon the determination of that
                                          uncertain or unascertained event in a
                                          particular way.

"Brand"                                   has the meaning given to it in Clause
                                          9.3.

"Channels"                                means the Digital Television Channel,
                                          the Mobile Channel and the WWW
                                          Channel.

"Chargeback"                              a deposit or any other Transaction
                                          which is credited back to the Digital
                                          Subscribers debit or credit card by
                                          their credit or debit card company.

"Confidential Information"                means any and all information relating
                                          to the Content, the personal data of
                                          Digital Subscribers and any other
                                          information relating to the business
                                          interests of either party (whether or
                                          not such information is identified as
                                          being confidential at the time of
                                          disclosure).

"Content"                                 means, inter alia, the text, graphics,
                                          still and moving pictures, audio,
                                          audio-visual material, software,
                                          information and data specified in
                                          paragraph 1.2 of Schedule 2 which is
                                          to be provided by Z4P.

"Content Revenues"                        means all revenues generated in
                                          respect of Transactions.

"Data Protection
Legislation"                              means The Data Protection Act 1998 (as
                                          amended).

"Database"                                has the meaning given to it in Clause
                                          9.6.

                                       19
<PAGE>

"Digital Television Channel"              means TWM's Gaming Services as
                                          provided to the cable digital
                                          television customers referred to in
                                          Recital B.

"Digital Subscriber"                      means users of the Channels.

"Fixed Odds Betting"                      means Bets where the size of the
                                          winnings is determined by multiplying
                                          the value of the stake by the
                                          specified odds (and which for the
                                          avoidance of doubt excludes Pool
                                          Betting and/or any form of spread
                                          betting), and where there is (a) a
                                          bilateral risk taken by the punter and
                                          the bookmaker, (b) the return is
                                          clearly stated, and (c) HM Customs &
                                          Excise is collecting 15% gross profit
                                          tax in relation to such Bets.

"Fixed Odds Services"                     means fixed odds betting services that
                                          may be provided to remote customers in
                                          the United Kingdom in accordance with
                                          applicable laws and regulations
                                          together with such other betting or
                                          gaming services provided to remote
                                          customers in the United Kingdom which
                                          from time to time become permissible
                                          in accordance with applicable laws and
                                          regulations;;

"Functional Specification"                means TWM's technical and delivery
                                          specification for the Content, the
                                          Software, the Z4P Equipment and the
                                          Services as set out at Schedule 7 and
                                          which may upon reasonable notice be
                                          amended by TWM from time to time.

"Game"                                    means any game or competition included
                                          within the Content.

"Gaming Services"                         means any form of gaming, prize draws,
                                          lottery and any other events,
                                          services, products or processes
                                          classified as gaming (including but
                                          not limited to any game referred to in
                                          the Bankers Games Regulations but not
                                          authorised under the SSSL Policy
                                          and/or other Third Party Policies from
                                          time to time) by any of: Betting &
                                          Gaming Duties Act 1981; Lotteries and
                                          Amusements Act 1976; the Betting,
                                          Gaming & Lotteries Act 1963; the
                                          Gaming Act 1968; the Financial
                                          Services Authority and any other
                                          statutory or regulatory frameworks (or
                                          amendments thereto) that may exist
                                          during the Term.

"Intellectual Property Rights"            means all copyright and other
                                          intellectual property rights,
                                          howsoever arising and in whatever
                                          media, whether or not registered,
                                          including (without limitation)

                                       20
<PAGE>

                                          patents, trade marks, service marks,
                                          trade names, database rights,
                                          registered designs, rights in any
                                          format or presentation (including its
                                          look, feel, visual or other
                                          non-literal elements) and any
                                          applications for the protection or
                                          registration of these rights and all
                                          renewals and extensions thereof
                                          throughout the world.

"Launch Date"                             means the date upon which the Content
                                          commences distribution upon the
                                          Channel(s).

"Losses"                                  means all costs and expenses, losses,
                                          damages (including the reasonable
                                          legal fees and expenses of solicitors
                                          and other professionals and
                                          specialists).

"Merchant Acquirer"                       means the entity responsible for
                                          capturing, storing and processing
                                          credit and debit card details in a
                                          secure environment to enable funds to
                                          be `deposited' and `withdrawn' from
                                          user accounts in relation the Content
                                          and/or providing Digital Subscribers
                                          with an alternative process to deposit
                                          and/or withdraw funds. For the
                                          avoidance of doubt, it is anticipated
                                          that Digital Subscribers will be given
                                          the option to deposit funds via
                                          interactive TV, the internet and via a
                                          call centre to be provided by TWM at
                                          its expense (or a third party to be
                                          appointed by TWM at its expense).

"Mobile Channel"                          means Permitted Services provided to
                                          users of mobile telecommunications
                                          devices.

 "NTL"                                    has the meaning given to it in recital
                                          (B).

"Original Agreement"                      the Agreement of October 12th 2004
                                          between the parties entitled
                                          "Interactive Fixed Odds Betting
                                          Services Agreement".

"Permitted Services"                      means the permitted fixed odds games
                                          or competitions set out in paragraph
                                          1.2 of Schedule 2.

"Pool Betting"                            means a Bet which is defined by
                                          Section 10 of the Betting and Gaming
                                          Duties Act 1981.

"Project Plan"                            means the project plan as set out at
                                          Schedule 8 (as may be amended by
                                          agreement of the parties).

"Random Number Generator"                 means the software program that
                                          generates random numbers in relation
                                          to the Fixed Odds Betting games
                                          included within the Content.

"Service Level Agreement"                 means the service level agreement as
                                          set out at Schedule 9 (as may be
                                          amended by agreement of the parties)

                                       21
<PAGE>

                                          and which sets out the levels of
                                          service and performance of the
                                          Content, the Software, the Z4P
                                          Equipment and the Services.

"Software"                                means the software program, source or
                                          object code, tool or module developed
                                          or owned or licensed in by Z4P which
                                          supports the functionality and
                                          operation of the Channels' back-end
                                          systems and/or the Z4P Equipment,
                                          together with all improvements or
                                          enhancements to the existing
                                          functionality which are subsequently
                                          developed or created by or on behalf
                                          of Z4P during the Term.

"SSSL"                                    means Sky Subscribers Services
                                          Limited.

"SSSL Policy"                             means the `Policy towards fixed odds
                                          games products/gaming on the DTH
                                          Platform' issued to broadcasters of
                                          interactive services upon the DTH
                                          platform in the Territory dated 30
                                          June 2004 as attached at Schedule 10,
                                          and any subsequent policies that may
                                          be issued by SSSL (or any other entity
                                          authorised to issue policy statements
                                          in respect of the DTH platform) and as
                                          approved by the Gaming Board of Great
                                          Britain (and any successor body
                                          thereof) during the Term.

"Telewest"                                has the meaning given to it in recital
                                          (B).

"Territory"                               means the United Kingdom.

"Testing"                                 means such systems, interface and user
                                          acceptance tests to be performed and
                                          determined by TWM in respect of each
                                          part of the Content and of the
                                          Services.

"Transaction"                             means the sale, licensing or supply of
                                          Permitted Services by TWM to Digital
                                          Subscribers via the Content on the
                                          Channels.

"Unacceptable Content"                    means any material of any nature which
                                          (i) is defamatory, libellous,
                                          pornographic, obscene, in contempt of
                                          court or in contravention of any law
                                          or statute; (ii) promotes violence or
                                          discrimination based on race, sex,
                                          religion, national origin, physical
                                          disability, mental disability, age or
                                          which promotes illegal activities;
                                          (iii) infringes any Intellectual
                                          Property Right of any third party;
                                          (iv) contains any Virus; and/or (v)
                                          concerns, includes and/or promotes any
                                          Game and/or service that is not a
                                          Permitted Service.

"Virus"                                   any computer code, programming
                                          instruction or set of instructions

                                       22
<PAGE>

                                          that has the ability to damage, modify
                                          or interfere with computer programs,
                                          data files or hardware (including but
                                          not limited to Set Top Boxes).

"WWW Channel"                             means Permitted Services provided to
                                          users on www.winner.co.uk.

"Z4P
Equipment"                                means any database servers, software,
                                          application servers, web servers,
                                          routers, underlying network
                                          infrastructure and/or connectivity
                                          supplied by Z4P to TWM for the
                                          purposes of hosting, maintenance,
                                          delivery and distribution of the
                                          Content on the Channels.

                                       23
<PAGE>

                                   SCHEDULE 2

                                     Content

1.    Description of Content

1.1   Z4P shall ensure that the Content shall at all times during the Term
      conform with the Functional Specification, and the description set forth
      in paragraph 1.2 below.

1.2   At launch, the Content shall consist of:

      (a)   Fixed Odds Betting upon:

            (i) the fixed odds games set out in Part A, Part B and Part C below;
      and

            (ii) new additional permitted fixed odds games, which shall consist
      of:

            - new fixed odds games which fall under the definition of Fixed Odds
            Betting games; and

            - new fixed odds games which are no longer prohibited under future
            legislation in the United Kingdom;

      (b)   fixed odds games offering `pay to play ' opportunities and `play for
            fun' opportunities for no charge.

      Part  A

      (a)   a `keno' game;

      (b)   a `hi-lo' game;

      (c)   a `dice' game; and

      (d)   a `slots' game.

      Part B

      In addition to the games set out in Part A above and Part C below, no less
      than six (6) additional games (each, being a re-version of the
      classification of the games set out in Part A above) shall be delivered to
      TWM during each twelve (12) month period of the Term in accordance with
      TWM's timelines and instructions as to the look and feel of such Games. In
      addition TWM and Z4P shall have good faith discussions about launching
      other new games (which are not re-versions of the games set out in Part A
      above) during the period of the Term.

                                       24
<PAGE>

      Part C

      one or more `Roulette' games

      1.3 TWM shall provide an internet domain name, subject to Z4P' approval
which will not unreasonable withheld and Z4P shall provide an internet site
attached to such internet domain name which will enable Digital Subscribers to
register for the Content, and where appropriate will promote certain aspects of
the Content. Details of the internet site are provided in the Functional
Specification in Schedule 7.

      1.4 Z4P shall ensure that the Content shall not include any of the
following prohibited goods and/or services:

      (a)   any Unacceptable Content;

      (b)   any dangerous goods (including without limitation: knives,
            fireworks, firearms and explosives, illegal products or substances,
            prescription drugs or medication) and any documentation or knowledge
            enabling any person to manufacture any such dangerous goods;

      (c)   any goods or services which are contrary to public decency or
            reasonable good taste;

      (d)   any goods or services which compete in a material fashion with NTL
            and/or Telewest's internet, telephony and/or television services;

      (e)   any goods or services not included within the description of the
            Content set out in paragraph 1.2 above unless Z4P has obtained the
            prior written consent of TWM and has agreed a revenue share in
            respect thereof.

1.5   In the event that the Content contains any of the prohibited goods and/or
      services listed in Paragraphs 1.4(a) - (e) inclusive Z4P shall remove the
      offending content as soon as reasonably possible (but in any event within
      1 working day) on discovery of the offending material.

1.6   TWM and Z4P will determine the games that will be launched on the Channels
      and the creative design, and look and feel and names of these games save
      that in the absence of agreement between TWM and Z4P within two weeks of
      starting discussions, TWM's decision will prevail as to which games will
      be launched and the creative design, look and feel and names of these
      Games.

2.    Delivery of the Content

2.1   Z4P shall deliver the Content in digital format in accordance with the
      Functional Specification throughout the Term.

                                       25
<PAGE>

2.2   Z4P shall on TWM's request update the Content, and shall deliver the
      Content (as so updated) to TWM as soon as reasonably practicable after the
      Content has been updated.

3.    Testing prior to the Acceptance Date

3.1   Z4P shall supply each part of the Content to TWM for the purposes of
      Testing to ensure compliance of the same with the Functional
      Specification. Z4P shall deliver any and all alterations and/or additions
      to such part of the Content to TWM as reasonably requested by TWM pursuant
      to such Testing, in accordance with the time limits reasonably requested
      by TWM.

3.2   TWM shall have no obligation to use any Content that has not completed
      Testing. TWM shall inform Z4P whether the Content has completed Testing
      (if it has, such date being "the Acceptance Date").

3.3   If, any time after the relevant Acceptance Date: (a) TWM deems (acting
      reasonably) that the Content (or any part thereof) does not comply with
      any aspect of the Functional Specification and/or any applicable laws,
      regulations or codes of conduct, or (b) TWM has been instructed to make
      changes by any of the digital platform operators, then TWM shall notify
      Z4P of the same giving details of changes and/or alterations required. Z4P
      shall alter and/or change the Content so that it complies with the
      Functional Specification, any applicable laws, regulations or codes of
      conduct and/or the changes instructed by the digital platform operators.
      Once amended Z4P shall supply the altered Content for re-Testing to TWM.
      TWM shall not be obliged to use such amended Content until satisfactory
      re-Testing (in the reasonable opinion of TWM) of the same.

4.    Content Support

4.1   TWM (or its subcontractors on its behalf) shall be responsible for dealing
      with first line queries from Digital Subscribers concerning the Content
      and shall respond to all of such queries. Pursuant to the Service Level
      Agreement, Z4P shall provide the details of a technical contact for all
      technical issues relating to the Content.

5.    Service Levels

5.1   Z4P shall use reasonable endeavours to ensure that at all times during the
      Term the Content is of a high standard reasonably acceptable to TWM and is
      attractive to Digital Subscribers.

5.2   Z4P shall obtain and maintain throughout the Term a secure communications
      link for the purpose of fulfilling its obligations under the Service Level
      Agreement.

5.3   Z4P shall ensure that the Content comply with those service levels as set
      out under the Service Level Agreement.

                                       26
<PAGE>

6.    Additional Content

Subject to Z4P completing its obligations to produce the Content for each of the
Channels in accordance with Schedule 2, including the obligation to produce the
Content for the Mobile Channel on the handsets set out in the list below, then
the Parties further agree and acknowledge that in the event that further
content, including but not limited to new games and/or same games on new
devices, are requested (not specifically addressed in this Agreement), TWM shall
pay Z4P (pound)1000 GBP per game per device.

The mobile telephone handsets for which Mobile Content will be produced by Z4P
hereunder are as follows:

All Nokia series handsets:

Series 40
Series 60
Including updates to the Nokia series 40 & 60 as and when they occur, being new
firmware releases or handsets

<PAGE>

Sony Ericsson           Samsung
SE T610                 E820
SE T630                 E3300
SE Z600                 D410
SE K500                 D500
SE V800                 Z107
SE K700i                E330
                        C100
Sharp                   E700
GX 10                   P400
GX 15                   S300
GX 20                   S300m
GX 30                   X600
GX 30i
GX 902sh                Motorola
                        T710i
LG                      V600
C 2200                  C385
L1100                   V220
F7250                   V500
                        V550
Siemens
C55                     Sagem
M50                     MyX7
S55                     MyX5
SL55

                                       27
<PAGE>

                                   SCHEDULE 3

                                    Services

Z4P shall ensure that the Services, the Software and the Z4P Equipment shall at
all times during the Term conform with the Functional Specification. Z4P shall
provide the following Services during the Term:

1.    Z4P shall provide the Software and Z4P Equipment which shall:

1.1   provide a secure account management system to:

      (a)   enable Digital Subscribers to register their details and set up
            betting accounts;

      (b)   deposit and withdraw funds via the phone, internet and in the case
            of users of the Digital Television Channel, via the Digital
            Television Channel, and to deal with Chargebacks and non-allowable
            Transactions;

      (c)   identify , isolate and track issues in relation to customer accounts
            which impact the operation of the Content, Software and Services;
            and

      (d)   enable customer service representatives ("CSRs") to access a
            complete audit trail of account history of individual customer
            accounts;

1.2   manage the Database generated by the Channels;

1.3   provide a secure transaction system capable of:

      (a)   processing and authenticating large volumes of Bets (in excess of
            500 concurrent Bets);

      (b)   setting payouts, stake limits and increments;

      (c)   setting maximum payouts per Game play and per day;

      (d)   offering the capability to deliver `free Bets' and other promotional
            Bets; and

      (e)   ensuring registered Digital Subscribers are paid and debited the
            correct amounts into their accounts, in line with their winnings and
            losses;

1.4   provide reporting tools which track in real time or near real time
      financial and operational performance of the Channels;

1.5   provide the information specified in the `reporting' section of the
      Functional Specification in a format acceptable to TWM which shall include
      but not limited to:

      (i)   the total number of Transactions carried out during the relevant
            month;

                                       28
<PAGE>

      (ii)  the value of each Transaction;

      (iii) the date of each Transaction;

      (iv)  the Game category of each Transaction;

      (v)   total Content Revenues;

      (vi)  the calculation of Profit in respect of the relevant Transactions
            (including but not limited to details of all relevant deductions
            actually made and/or due); and

      (vii) such other information as may be required pursuant to the Functional
            Specification;

1.6   provide a secure Random Number Generator which conforms with industry best
      practice for Fixed Odds Betting services;

1.7   provide a marketing system which enables:

      (i)   bonuses to be offered to Digital Subscribers when they deposit
            funds;

      (ii)  coupons to be offered to NTL's and Telewest's customers irrespective
            of whether they have deposited funds;

      (iii) Digital Subscribers to accumulate `loyalty' points based on levels
            of play, and bonuses to be paid when agreed points thresholds have
            been reached; and

      (iv)  `betting events' to be set up which enable odds, payout tables,
            jackpots and bonuses to be changed for the period such betting
            event;

1.7   provide a fault management system which enables:

      (a)   customer services agents to be kept informed of progress in
            resolving any faults in relation the games and/or the Software
            and/or the Z4P Equipment, or any other factors that may affect the
            customer experience; and

      (b)   to provide training to TWM, and where appropriate to its customer
            services partner, in relation to the fault management system.

2.    Z4P shall provide the infrastructure and kit to enable the Content and
      Content back-end database systems (including the Z4P Equipment and
      Software) to be set up and hosted by TWM, and shall provide training to
      TWM in the installation of such infrastructure and kit.

3.    Subject to Clause 10, Z4P shall provide and manage back-ups of the Content
      and of the data on the Z4P Equipment and/or Software, in Israel for
      archiving and disaster recovery purposes.

                                       29
<PAGE>

4.       Z4P shall provide the tools and/or monitor to ensure that the Channels
         and the Z4P Equipment and Software remain at all times and without
         limitation fully secure from unauthorised access by third parties,
         attempted fraud, Viruses and other malicious acts by third parties, and
         will provide details of such tools and systems to TWM.

5.       Z4P shall provide dedicated project management support to ensure the
         Content and the Services are delivered in line with the Project Plan.

6.       Z4P and TWM shall attend quarterly review meetings, at a venue to be
         agreed, where the performance of the Channels against targets will be
         reviewed, and Z4P shall provide feedback on how the performance of the
         Channels can be improved based on Z4P's expertise in betting and gaming
         services.

7.       Z4P shall provide dedicated operational and monitoring support for
         Digital Subscribers and/or TWM to ensure service performance issues
         and/or any faults (including but not limited to faults to the games
         and/or the Software and/or the Z4P Equipment) are dealt with as
         detailed in the Service Level Agreement.

8.       Z4P shall ensure that the Services, the Z4P Equipment and the Software
         comply with those service levels as set out under the Service Level
         Agreement.

                                       30
<PAGE>

                                   SCHEDULE 4

                                TWM's Obligations

1.    Games development support

1.1   TWM shall:

      (a)   provide Z4P access to Liberate code libraries TWM owns to enable
            faster development of the Games; and

      (b)   perform code reviews to identify means of improving games
            performance; and

      (c)   if necessary, support Z4P to debug client-side Game applications.

2.    Systems integration

2.1   TWM shall be responsible for hosting the Content and the Content back-end
      systems and provide the required interfaces with the cable head end and
      cable return path. TWM shall provide 24/7 on call support for all hosting
      issues.

2.2   TWM shall, relying upon Z4P's directions, integrate all the elements
      provided by both Z4P and TWM to distribute the Content and/or to operate
      the Channels into an `end to end' system.

3.    Project management

3.1   TWM shall provide `lead' project management resource to ensure the
      Channels are launched in accordance with the Project Plan.

4.    Merchant billing:

4.    TWM shall provide merchant billing, where appropriate via a third party,
      to enable credit and debit card transactions to be executed.

5.    Customer Service

5.1   TWM shall provide telephone and on-line customer service support to
      Digital Subscribers for registration and for on-going customer support.
      The customer support line will be manned in accordance with the Service
      Level Agreement.

6.    Channel management

6.1   TWM shall manage the day to day operation of the Channels, troubleshoot
      issues when they arise, and account manage the day to day commercial
      relationships with Telewest and NTL.

7.    Operational support

7.1   TWM shall provide round the clock support to ensure the problems affecting

                                       31
<PAGE>

      the performance of the Channels which can be corrected by TWM in the UK
      are fixed in a timely manner.

8.    Financial management

8.1   TWM shall be responsible for the financial management of the Channels and
      all associated Transactions. The Digital Subscribers' accounts used for
      this Agreement shall be managed according to all applicable laws,
      regulations and codes of practice. Such accounts shall be separate
      accounts from any other activity and shall not in any way be subject to
      any third party's right, lien charge or otherwise.

                                       32
<PAGE>

                                   SCHEDULE 5

                                 Revenue shares

1.    A. Digital Television Channel

      TWM shall pay to Z4P and/or Winner (as the case may be) during the Term of
      this Agreement the following share of Profit received from the commercial
      operation of the Digital Television Channel ("DTC Profit") according to
      the two stages set out in tables 1 and 2 below. The first stage DTC Profit
      shares shall apply until 12.5% of the DTC Profit is equal to (a)
      (pound)300,000 in the first year of the Term, or (b) (pound)200,000 in the
      second year of the Term or any years of the Term thereafter, after which
      point the second stage DTC Profit shares shall apply. The DTC Profit
      shares shall be payable by TWM to Z4P and/or Winner (as the case may be)
      within 10 days of receipt of an invoice from Z4P and/or Winner in respect
      thereto.

      Z4P, Winner and TWM shall share DTC Profit as follows:

      Table 1 - Stage 1DTC Profit shares:

      ------------------------------------------------------------------------
      Z4P                                  42.5%
      ------------------------------------------------------------------------
      TWTV                                 57.5%
      ------------------------------------------------------------------------

      Table 2 - Stage 2DTC Profit shares:

      ------------------------------------------------------------------------
      Z4P                                  45%
      ------------------------------------------------------------------------
      Winner                               10%
      ------------------------------------------------------------------------
      TWTV                                 45%
      ------------------------------------------------------------------------

      For the avoidance of doubt Stage 1 DTC Profit shares shall apply until DTC
      Profit of (pound)2.4m is generated in the first year of the Term, and DTC
      Profits of (pound)1.6m are generated in the second year of the Term or any
      years of the Term thereafter.

      B.    Mobile Channel

      TWM shall pay to Z4P (during the Term of this Agreement the following
      share of Profit received from the commercial operation of the Mobile
      Channel ("MC Profit") according to the two stages set out in tables 1 and
      2 below. The first stage MC Profit shares shall apply until 10% of the MC
      Profit is equal to (pound)150,000, after which point the second stage MC

                                       33
<PAGE>

      Profit shares shall apply. The MC Profit shares shall be payable by TWM to
      Z4P within 10 days of receipt of an invoice from Z4P in respect thereto.

      Z4P, Winner and TWM shall share MC Profit as follows:

      Table 1 - Stage 1 MC Profit shares:

      ------------------------------------------------------------------------
      Z4P                                  55%
      ------------------------------------------------------------------------
      TWTV                                 35%
      ------------------------------------------------------------------------
      Winner                               10%
      ------------------------------------------------------------------------

      Table 2 - Stage 2 MC Profit shares:

      ------------------------------------------------------------------------
      Z4P                                  45%
      ------------------------------------------------------------------------
      TWTV                                 45%
      ------------------------------------------------------------------------
      Winner                               10%
      ------------------------------------------------------------------------

      For the avoidance of doubt Stage 1 MC Profit shares shall apply until MC
      Profit of (pound)1,500,000 is generated.

      C.    WWW Channel

      TWM shall pay to Z4P and/or Winner (as the case may be) during the Term of
      this Agreement the following share of Profit received from the commercial
      operation of the WWW Channel ("WWWC Profit") according to the table below.

      Z4P, Winner and TWM shall share WWWC Profit as follows:

      Table - WWWC Profit shares:

      ------------------------------------------------------------------------
      Z4P                                  20%
      ------------------------------------------------------------------------
      TWTV                                 20%
      ------------------------------------------------------------------------
      Winner                               60%
      ------------------------------------------------------------------------

2.    For the purposes of paragraph 1 (above), "Profit" means, calculated on a
      monthly basis, gross Content Revenues or any other revenues including

                                       34
<PAGE>

      without limitation advertising and premium rate telephony revenues
      generated in relation to the Content for such month less (in respect of
      such Content Revenues):

      (i)   Bookmaker's Gross Profit Tax paid to HMCE by TWM pursuant to the
            Betting and Gaming Duties Act 1981;

      (ii)  winnings actually paid (plus returned stakes) to Digital
            Subscribers;

      (iii) Chargebacks and bad debt;

      (iv)  free Bets and discounted elements of Bets;

      (v)   any additional taxes, levies and/or duties to those payable by TWM
            at the date of this Agreement which are required by a relevant
            statutory body to be paid by TWM in respect of the offer of
            Transactions and/or in respect of and/or in connection with the
            distribution of the Content via the Channels;

      (vi)  Merchant Acquirer costs, as detailed in Schedule 11 to this
            Agreement, which may be amended by TWM from time to time;

      (vii) any charges and/or share revenues to be paid to Telewest and/or NTL
            by TWM and/or other digital platform operators (including but not
            limited to broadcasters that provide an access point to the
            Channels) and/or marketing affiliates. For the avoidance of doubt
            such charges shall include but not be limited to any payment made by
            TWM to Telewest, NTL and/or other digital platform operators
            resulting from Content availability falling below 95%; This
            sub-section (vii) shall not apply to WWW Channels unless otherwise
            agreed between the parties;

      (viii) any charges and/or share revenues to be paid to mobile
            telecommunications network providers, service carriers, aggregators,
            distributors or other service suppliers. Without limiting TWM's
            right to deduct the same TWM agrees to consult Z4P in good faith
            about such deductions;

      (ix)  any charges and/or share revenues to be paid to internet service
            providers, telecommunications service providers, distributors or
            other service suppliers. Without limiting TWM's right to deduct the
            same TWM agrees to consult Z4P in good faith about such deductions.

      (x)   VAT payable by TWM charged by Telewest and NTL on their revenue
            shares which will be non recoverable by TWM, and any other
            non-recoverable VAT charges payable by TWM in relation to the

                                       35
<PAGE>

            Content and Services. For the avoidance of doubt, any VAT payable by
            TWM which is recoverable by TWM shall not be deducted under this
            paragraph.

      For the avoidance of doubt, in the event that losses are incurred in any
      month, such losses will be carried forward to the next month. The
      calculation of Profit in the next month shall include the losses from the
      previous month. In the event losses are incurred for two or more
      consecutive months such losses will be shared between the parties in
      accordance with the share model detailed above. For the purpose of
      clarification and notwithstanding to any reference to the word "losses" in
      this schedule and section 6 above shall refer to losses resulting from
      Digital Subsriber's winnings and other deductions set out in this
      paragraph 2 being greater than the Gross Content Revenues.

3.    Winner will issue at no cost to TWM, upon commercial launch of the
      Channels, shares equivalent to 5% of its equity, to reflect the
      contribution TWM is making to build the value of Winner's business. Winner
      agrees that such shares will have tag along rights attached to them. Such
      TWM's shares equivalent to 5% of Winner's equity shall not be dilutable in
      any way until the pre money enterprise valuation of Winner reaches
      (pound)1 million.

4.    In addition, Winner will grant TWM an option to acquire a 10% equity stake
      in Winner's business at any time in the 3 years following signature of
      this Agreement, based on an enterprise valuation of (pound)1 million pre
      money.

                                       36
<PAGE>

                                   SCHEDULE 6

                                    Marketing

A.    Digital Television Channel and Mobile Channel

1.    TWM agrees at its own cost to promote, market and advertise the
      availability of the Content. TWM will develop and execute a positioning
      and promotional strategy designed to acquire new customers for the
      Channels and to maximise play rates and minimise churn.

2.    Z4P and Winner agree to provide to the other party such assistance as TWM
      may reasonably request in promoting the availability of the Content.

3.    Z4P grants to TWM (with the right to sublicense to Telewest and/or NTL)
      the right during the Term to use excerpts or sections from the Content in
      any promotional, marketing or advertising materials used or proposed to be
      used by TWM in order to promote, advertise and market the Content.

4.    No party shall publicise or disclose the terms or the existence of this
      Agreement to any third party without obtaining the prior written consent
      of the other parties and/or as required by law.

5.    It is anticipated that the Digital Television Channel will also be
      promoted via red button links with third party broadcasters with enhanced
      TV capability. It is understood that these third party broadcasters may
      require the Digital Television Channel to be `white labelled'. For the
      avoidance of doubt, DTC Profit shares (as detailed in Schedule 5) shall be
      calculated net of third party broadcaster's and marketing affiliates'
      shares (if applicable). It is also understood that the Mobile Channel and
      the WWW Channel may be `white labelled'.

      B.    WWW Channel

1.    Winner agrees at its own cost to promote, market and advertise the
      availability of the Content. Winner will develop and execute a positioning
      and promotional strategy designed to acquire new customers for the Channel
      and to maximise play rates and minimise churn.

2.    TWM agrees to provide to the other party such assistance as Winner may
      reasonably request in promoting the availability of the Content.

3.    TWM grants to Winner the right during the Term to use excerpts or sections
      from the Content in any promotional, marketing or advertising materials
      used or proposed to be used by Winner in order to promote, advertise and
      market the Content.

                                       37
<PAGE>

4.    No party shall publicise or disclose the terms or the existence of this
      Agreement to any third party without obtaining the prior written consent
      of the other parties and/or unless as required by law.

5.    It is further understood and agreed by the Parties that during the Term,
      the WWW Channel will also enable the download of Mobile Content and the
      Parties' revenue sharing shall be according to clause 1C of Schedule 5 and
      with respect thereof.

                                   SCHEDULE 7

                            Functional Specification

                              Please see attached.

                                       38
<PAGE>

                                   SCHEDULE 8

                                  Project Plan

                              Please see attached.

                                       39
<PAGE>

                                   SCHEDULE 9

                             Service Level Agreement

1.    Introduction

This Service Level Agreement ("SLA") sets out the operational services that TWM
and Z4P have agreed to provide to each other in relation to the interactive
fixed odds betting services agreement of even date between the parties (the
"Agreement") and provides a standard against which the provision of these
services can be measured. This SLA also sets out the quality of those services
that TWM intends to offer to and expects from Z4P.

2.    Interpretation

2.1   Unless otherwise defined herein, capitalised terms used in this SLA shall
      have the same meaning as given to them in the Agreement.

2.2   The TWM commercial manager shall be responsible for liasing with Z4P and
      conducting impact assessments where requests are made to change the
      service levels or procedures specified within this SLA and for updating
      this document where necessary. TWM and Z4P shall be responsible for
      monitoring services against the levels set out in this SLA and for
      reporting non-compliance to each other where appropriate.

3.    Contact Details

Where contact or notification between TWM and Z4P is referred to within this
SLA, the contact/notification points shall be as follows:

3.1   Z4P Contacts

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
CONTACT TYPE                       Dept / Name              Email address              Telephone       Fax
-------------------------------------------------------------------------------------------------------------------------
<S>                                <C>                      <C>                        <C>             <C>
Technical                          Gil Levi                 gil@zone4Play.com          +972-3-688-9444 +972-3-
For outage and  fault reporting                             -----------------                          537-9429
-------------------------------------------------------------------------------------------------------------------------
General issues /queries,  Content  Ira Vinitski             ira@zone4play.com          +972-3-688-9444 +972-3-
launch, QA and Content change                               -----------------                          537-9429
requests
-------------------------------------------------------------------------------------------------------------------------
Technical (site development & Gil Levi                      gil@zone4play.com          +972-3-688-9444 +972-3-
support)                                                    -----------------                          537-9429
-------------------------------------------------------------------------------------------------------------------------
Commercial                         Uri Levi                 uri@zone4play.com          +972-3-688-9444 +972-3-
(contract issues, complaint                                 -----------------                          537-9429
communication and commercial
discussion)
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       40
<PAGE>

3.2      TWM Contacts

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
CONTACT TYPE               Name                Email address                      Telephone             Fax
-------------------------------------------------------------------------------------------------------------------------
<S>                        <C>                 <C>                                <C>                  <C>
Operations/fault           Alex Franks         afranks@twowaytv.com               020 7665 4455
reporting                                      --------------------
-------------------------------------------------------------------------------------------------------------------------
Project manager            Stuart Cole         scole@twowaytv.com                 020 7665 4450
                                               ------------------
-------------------------------------------------------------------------------------------------------------------------
Commercial (Contract Guy Templer               gtempler@twowaytv.com              020 7665 4416
issues, etc)                                   ---------------------
-------------------------------------------------------------------------------------------------------------------------
Financial (Reporting, Reitesh Desai            rdesai@twowaytv.com                020 7665 4440
invoicing, etc)                                -------------------
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

Either party may update their contact details from time to time by submitting a
change request to the commercial manager in the form of an e-mail outlining any
changes to the contact details. The TWM commercial manager shall be responsible
for updating the SLA and distributing to Z4P.

4.    Responsibilities

4.1   TWM responsibilities

(a)   Channel Maintenance

      TWM shall provide:

      (i)   hosting facilities for the Z4P Equipment and the Software; and

      (ii)  necessary connectivity and operational premises for the distribution
            of the Content.

TWM shall advise Z4P no less than 5 working days prior to all "business as
usual" (i.e. non emergency) proposed planned outages of, changes, modifications,
upgrades, replacements, enhancements or alterations to, the Channels and/or its
supporting software or planned outages of anything else within TWM's control
that affects the carriage of the Content on the Channels ("Planned Outage").
Notification shall be by e-mail to Z4P and Z4P is required to use all reasonable
endeavours to accommodate such change within the timescales agreed between the
Parties during the planning phase of such change. TWM shall provide 24/7 on call
support to all hosting issues.

(b)   Customer service contact points

TWM shall provide customer service contact points for Digital Subscribers who
are experiencing network related problems, Set Top Box problems and/or issues
which are beyond the reasonable control of TWM's customer service.

                                       41
<PAGE>

4.2   Z4P's responsibilities

4.2.1 General

(a)   Z4P shall provide TWM with the following prior to the submission of the
      Content to TWM Testing:

      o     the client side applications source code; or

      o     URLs of all live pages

      and shall notify TWM within 72 working hours of any proposed change to the
      same.

(b)   In order that TWM may inform/notify Z4P as contemplated by this SLA, Z4P
      shall provide TWM with its relevant contact details (including an e-mail
      address) for such notification and shall notify TWM of any updates
      required to the same in order that such contact details remain accurate.

(c)   Z4P shall ensure integrity of data prior to upload including, but not
      limited to, the making use of up to date virus checking software to ensure
      that all Content is Virus free.

4.2.2 Technical Provision and Performance

(a)   Z4P shall ensure that it has fully secure connectivity to the Software
      and/or the Z4P Equipment for the purpose of fulfilling its obligations
      under this SLA

(b)   In the event that the connectivity security, as referred to in 4.2.2(a)
      (above) is not sufficient in the reasonable opinion of TWM:

      (i)   such non compliance shall be deemed to be a material breach of the
            Agreement; and

      (ii)  TWM shall be entitled to reasonably request that Z4P increases the
            connectivity security referred to in clause 4.2.2(a) (above) and Z4P
            shall increase such connectivity security within a reasonable amount
            of time following such request.

4.2.3 Removal of Content

Should TWM require Z4P to remove any part of the Content from the Channels, Z4P
shall comply with such request within 24 hours, save where the Content needs to
be removed to comply with any laws, regulation, code of conduct and/or any third
party's rights in which case the Content shall be removed by Z4P within 4 hours
of TWM's request.

4.2.4 Functionality

(a)   Where any inputting of data by Digital Subscribers is intended to generate
      an on line response and such response takes in excess of 15 seconds (as
      measured from the receipt of a request on the Z4P's servers to the supply
      of a response to the relevant Set Top Box), a message within the Content

                                       42
<PAGE>

      shall be displayed to the Digital Subscriber advising the Digital
      Subscriber to wait. Should the response not be supplied within such time
      or as may be reasonably expected by the Digital Subscriber, a message
      shall be displayed to the Digital Subscriber advising them what to do.

(b)   Should TWM request Z4P to change the functionality, pages, features or
      make any other non textual change to the Content and/or graphic change
      (and which would include, for the avoidance of doubt, the updating of
      links) Z4P shall supply any such new Content to TWM so as to ensure that
      the following lead times for re-purposing and Testing are available to
      TWM:

      o     One or two pages of Content - 5 working days from TWM's confirmation
            of receiving a change request from Z4P; and

      o     Multiple page changes - lead times are by agreement between the
            Parties on each occasion, depending upon the complexity and size
            (number of pages) of the change.

4.2.5 Maintenance, archiving and redundancy

(a)   Z4P shall ensure that disaster recovery/business continuity plans are in
      place and offsite secure storage is utilised.

(b)   Z4P is responsible for capacity planning to ensure its Content servers
      remain able to store data as required.

(c)   The Software and the Z4P Equipment shall support full redundancy.

(d)   Z4P shall, using its secure connectivity, back-up every 24 hours all data
      generated by the Software and Z4P Equipment in the course of operating the
      Channels.

(e)   Z4P shall issue daily diagnostic reports and take appropriate remedial
      action if so required.

4.2.6 Fault Resolution

Z4P shall put in place adequate resource, equipment and related procedures for
logging, monitoring and resolving faults, errors & failures of the Content and
related supporting hardware and/or software (including but not limited to the
Z4P Equipment and the Software). It is understood the Content and Services will
be monitored for potential faults via an automated monitoring system 24 hours
per day, 365 days per year which will be supported by a manual monitoring
process during regular working hours.

Z4P shall ensure that its technical support centre shall be available:

o     by phone during UK business hours (9.00 am to 5.30 pm UK time); and

o     on call 24 hours per day, 365 days per year.

Z4P shall inform TWM via telephone, of all actual and potential faults leading
or that may lead to any Content Unavailability (and confirm such details by

                                       43
<PAGE>

e-mail), as soon as is practicably possible, but in any event within 1 hour of
the occurrence of such fault. The e-mail shall include details of the numbers,
locations, equipment and systems affected, when the service was last accessed
correctly, and any error messages and hardware or network information if
relevant. Z4P shall ensure that both the service impact and an estimate as to
the expected length of the outage shall be included in the e-mail. Z4P shall
send further e-mails to TWM as further information in connection with the fault
becomes available, until such time as full service without any fault is
restored. Z4P shall also send an e-mail to TWM confirming the restoration of
service.

Should Content Unavailability exceed 24 hours, details of the fault and an
action plan for resolution should be escalated to the relevant project managers
at both TWM and Z4P.

5.    Common Responsibilities

5.1   Service Management Fault Categories

The priority of any problem shall be determined solely by the impact of the
problem upon Digital Subscribers. Priority will not be granted to any particular
situation, person, software or hardware and the categorisation of the fault
shall be dependant only upon the impact the problem is having, or will have on
the Channels in terms of Digital Subscriber satisfaction.

TWM's problem criteria are listed below with internal targets for resolution
once the problem is notified by TWM to Z4P.

<TABLE>
<CAPTION>
         --------------------------------------------------------------------------------------------------
         <S>               <C>                                                            <C>
         Priority          1 Loss of Critical Service impacting more than 10,000          Target
                           Consumer, Business or Internal Customers and or any breach     Resolution Time:
                           (or suspected Breach)
                           of Security.                                                   4 Hours

                           Loss of Critical Service affecting more than 1,000
                           but up to 10,000 Consumer, Business or Internal
                           Customers.

                           Major Site / Service unavailable

                           OFTEL / Legal Requirement

                           1 of top 100 Customers / VIP Customers

                           Content Removal

         Priority 2        Loss of service affecting 500 to 1,000 Consumer, Business or   Target
                           Internal Customers                                             Resolution Time:

                           Severe Loss of Service, Customers are severely impacted by     8 Hours
                           fault

                           Partial Loss of building or service
         --------------------------------------------------------------------------------------------------
</TABLE>

For the avoidance of doubt, the parties will make reasonable endeavours to

                                       44
<PAGE>

resolve individual problems as categorised in the above internal target times
shown, but are unable to give any guarantee or commitment that such time scales
can be met.

5.2   Force Majeure

Notwithstanding any other provision of this SLA, in the event that any fault
hereunder is a result of a Force Majeure Event (as defined in the Agreement),
the obligations regarding the reporting and resolving of such fault within
certain time periods as set out in this SLA shall not be binding upon the
Parties and the Parties shall not be liable in the event that such time limits
are not met. Notwithstanding the provisions of this paragraph, each Party shall
use all reasonable endeavours to inform the other of those faults contemplated
by this SLA as they occur and to remedy the fault notwithstanding the Force
Majeure Event, in both cases within the time limits set out herein.

6.    Z4P's responsibilities

6.1   Z4P shall ensure that Content Unavailability shall be no greater than 5%
      in each calendar month during the Term. "Content Unavailability" means the
      cumulative total time that the Content (in whole or part) is not
      distributed on any or all distribution platforms in any calendar month as
      a result of faults in the Content, the Z4P Equipment and/or the Software
      supplied by Z4P and/or as a result of other acts and/or omissions of Z4P
      (other than Planned Content Unavailability).

6.2   "Planned Content Unavailability" means the non distribution of the Content
      from any distribution platform provided that: (i) TWM has been provided
      with written notice of such non distribution at least ten days in advance
      of such non distribution; and (ii) Z4P informs TWM's commercial manager
      and technical account manager by telephone, confirmed by e-mail, of:

      o     the reason for the Planned Content Unavailability;

      o     the Planned Content Unavailability date and time; and

      o     the likely duration of the Planned Content Unavailability.

6.3   Content Unavailability with less than 10 days written notice will be
      deemed to be a fault, and will be handled as such in accordance with this
      SLA and will contribute to Content Unavailability.

6.4   Z4P shall use best endeavours to ensure that Planned Content
      Unavailability shall not exceed 24 hours in any calendar month.

7.    Z4P Reporting

Following a reasonable request from TWM, Z4P shall use all reasonable endeavours
to provide to TWM, in a format to be agreed between the Parties, a written
report setting out: (i) the amount of Content Unavailability in respect of that
period; and (ii) the amount of Planned Content Unavailability in respect of that
period.

                                       45
<PAGE>

                                   SCHEDULE 10

                         Applicable Regulation and Codes

               SSSL Guidelines in relation to Fixed Odds Services

    SSSL Policy towards fixed odds games products/gaming on the DTH Platform

This document sets out Sky Subscribers Services Limited ("SSSL")'s updated
policy towards the making available of 'play for real' fixed odds games products
or gaming products on the DTH platform. It has been formulated under the current
legislation and following discussions with the Gaming Board for Great Britain
concerning the potential application of the terms of the settlement with the
Association of British Bookmakers (ABB) announced on 19 November 2003 in the
fixed odds betting terminal (FOBT) test case to interactive television.

1.    'Gaming' within the definition of the Gaming Act of 1968 cannot legally be
      operated as an interactive service on the DTH platform (since it is not
      being conducted on 'licensed premises').

2.    The development of 'fixed odds games' following the 49's case has given
      rise to a range of products that are referred to as `games' but in fact
      constitute `betting' or `wagering' on a chance event. Such 'fixed odds
      games' rely upon 'events' generated by a random number generator (RNG) in
      respect of which the viewer wagers with agreed pay-outs depending upon the
      amount wagered and the outcome of the event. Certain of these products
      closely resemble (and may even appear the same as) games offered within
      licensed casinos.

3.    Despite the settlement of the action in the FOBT case, there remains a
      degree of uncertainty as to the legality of all such products. The initial
      policy was based on discussions with the Gaming Board and legal advice
      taken prior to its introduction on 20 June 2003. Following further
      discussions with the Gaming Board concerning the public policy concerns
      that might lead it to institute legal proceedings as a result of fixed
      odds games made available on the DTH platform, SSSL has revised its policy
      towards 'fixed odds games' on the DTH platform.

4.    Accordingly, as of 1 July 2004 the following approach will apply to the
      offering of 'fixed odds games' on the DTH platform:

      4.1   'Gaming' within the definition of the Gaming Act of 1968 will not be
            permitted;

      4.2   'Fixed odds games' that can properly be classified as 'betting' are
            permissible. In order for a product to be classified as such (a)
            there must be a bilateral risk taken by the punter and the
            bookmaker; (b) the return must be clearly stated; and (c) HM Customs
            and Excise must be collecting the 15% GPT in respect of such 'bets';

      4.3   Where the operator of a service proposes to offer 'fixed odds games'
            on the DTH platform the operator will be required to notify SSSL

                                       46
<PAGE>

            which of the two alternative policies (Policy A and Policy B) below
            that service is to operate under. Once an operator has chosen which
            policy a service is to operate under it shall be entitled to change
            that selection upon reasonable notice to SSSL. Controls will also
            apply to links taking customers between services which operate under
            one policy to services that operate under the other policy (see
            Paragraphs 4.6 and 4.7 below).

      4.4   Policy A

            4.4.1 Policy A replicates the current policy and therefore states
                  that where a 'fixed odds game' is based upon a game authorised
                  (1) under the Gaming Clubs (Bankers' Games) Regulations 1994
                  (S.I. 1994/2899) (as amended) (2) or promoted in such a manner
                  that the viewer may believe he/she is participating in such a
                  game, such fixed odds games will not be permitted.

            4.4.2 As under the current policy, where a 'fixed odds game' uses a
                  modified version of an 'authorised banker's game' (e.g. a
                  roulette wheel modified marginally) so that the actual game
                  would not, if played, comply with the 1994 Regulations (as
                  amended), this does not mean that such 'modified game' would
                  avoid the prohibition of Paragraph 4.4.1 above. If such a
                  'fixed odds game' is identifiable as a derivative of one of
                  the 'authorised banker's games' it cannot be made available on
                  the DTH platform under Policy A.

      4.5   Policy B

            4.5.1 Policy B similarly replicates the current policy but,
                  following the terms of the settlement of the FOBT case,
                  provides a limited derogation from the prohibition on 'fixed
                  odds games' which are based upon any game authorised under the
                  Gaming Clubs (Bankers' Games) Regulations 1994 (S.I.
                  1994/2899) (as amended) or promoted in such a manner that the
                  viewer may believe he/she is participating in such a game.

            4.5.2 That limited derogation provides for a service on the DTH
                  platform to offer 'fixed odds games' which are based upon the
                  authorised banker's game roulette. A service operating under
                  policy B will be permitted to offer a 'bet on roulette'
                  product provided that all 'fixed odds games' products included
                  within that service (i.e. not just the 'bet on roulette'
                  products) adhere to the following conditions:

                  o     No component of a roulette-based 'fixed odds game' is
                        broadcast on the main audiovisual feed of any television

(1)   Section 13(1) of the Gaming Act 1968 prohibits the playing of bankers'
      games and games of unequal chance on premises licensed under that Act.
      Section 13(2) however, authorises the making of regulations to provide
      that this prohibition shall not have effect in relation to games specified
      in the Regulations.

(2)   Meaning currently Roulette, Dice (craps), Baccarat, Blackjack, Casino Stud
      Poker, Super Pan 9, The Big Six, Sic Bo and Three Card Poker

                                       47
<PAGE>

                        channel from which the service is accessed (i.e. images
                        of a roulette wheel (or similar) can only be shown once
                        a customer has invoked an interactive application).

                  o     Each product provides a maximum payout (i.e. including
                        any returned winning stake) per single transaction of
                        (pound)500 or less.

                  o     Each product limits stakes to (pound)15 per bet and
                        (pound)100 per single transaction.

                  o     The following bet process must be adhered to:

                        >     customers must make a positive selection;

                        >     customers must choose a stake;

                        >     the odds must be clearly visible at time of the
                              customer making his/her selection;

                        >     customers must be required to select a 'start' or
                              'bet' button/icon; and

                        >     the result of each bet is to be shown within the
                              service immediately upon determination of the
                              relevant event.

                  o     The minimum cycle time for any product between the
                        customer logging in, selecting his/her bet(s) and
                        settlement is not to be less than 30 seconds. When
                        customers are betting from their original or previously
                        replenished stake or from accumulated winnings, the
                        minimum cycle time for this type of transaction is not
                        to be less than 20 seconds.

                  o     Odds for each betting event are to be clearly displayed
                        within the service.

                  o     An on-screen balance meter allowing customers to track
                        winnings/losses per session must be available as part of
                        the service.

                  o     The service must allow customers to `cash-in' at any
                        time following the completion of each betting event and
                        to set a limit on the time they play and on the amount
                        they wish to spend per session. o

                  o     Clear help pages must be presented as part of the
                        service, including contact information for GamCare and
                        warnings on excessive gambling. Access to such help
                        pages must be available at all times by use of
                        button/icon.

                                       48
<PAGE>

      4.6   It will be permissible for operators of 'fixed odds games' services
            to operate two services on the DTH Platform under the terms of this
            SSSL Policy, one under 'Policy A' and the other under 'Policy B'. It
            will also be permissible for a service operating under 'Policy B' to
            offer only a 'bet on roulette' product and not any other type of
            'fixed odds games' product. However, SSSL will not permit operators
            to blur the distinctions between the two types of service or to
            claim that they are operating two distinct services whilst
            presenting the customer with a single service.

      4.7   Accordingly operators will only be permitted to offer services under
            both 'Policy A' and 'Policy B' provided that SSSL is satisfied that
            a clear distinction is maintained between the two types of service
            at all times. As a minimum, and without limitation, this will
            involve:

            4.7.1 a prohibition on an individual 'fixed odds game' offered as
                  part of one type of service being promoted on a service which
                  operates under the 'other' policy type. Instead, and subject
                  always to Paragraph 4.7.2 below, services operating under one
                  policy type shall only be promoted within services operating
                  under the 'other' policy type by reference to their service
                  name(s);

            4.7.2 the service name of a service operating under one policy type
                  not being promoted within a service operating under the
                  'other' policy type more prominently than individual 'fixed
                  odds games' offered as part of that second service; and

            4.7.3 customers being transferred across (directly or indirectly)
                  from a service operating under one policy type to a service
                  operating under the 'other' policy type being required to 'log
                  in' separately to the second service in the same manner as if
                  they had accessed that second service from an unrelated
                  service.

Sky Subscribers Services Limited

30 June 2004

                                       49
<PAGE>

                    Gamcare Code for Interactive TV Services

Introduction

It is anticipated that new gambling regulation will impose a duty on gambling
operators to implement socially responsible measures across all their online
activities. This document has been developed by GamCare and Sky Interactive to
identify and begin the introduction of socially responsibly measures to all
gambling services on the Sky Interactive platform.

Implementation will be undertaken over a reasonable period so that each operator
has time to introduce all measures during the ordinary course of their service
development plans. The aim is to achieve full implementation by the time new
regulation is passed. Neither Sky Interactive nor GamCare can currently compel
operators within Sky Active to adopt these measures. However, Sky Interactive
and GamCare will kitemark services which meet criteria.

Both Sky Interactive and GamCare recognise this is a working document and
subject to modification. For example, socially responsible criteria will be
amended to concord with new regulation; and criteria may need to be amended to
meet the constraints of Sky Interactive technology that is fundamentally
different to traditional Internet distribution. Both parties consider this
document to be best practice at the time of issue.

1.    Age Verification

1.1   Operators must take steps to ensure the age and identification of every
      new customer. This is especially important in all cases where the method
      of payment does not itself constitute an age check (e.g. debit cards). In
      these cases, services should either employ the use of a reliable
      electronic checking system or undertake proof of age and ID through visual
      checks of documents such as driving licence or passport.

1.2   If there are no effective age verification systems in place, the service
      should not accept payments from cards that are available to those under
      the age of 18.

1.3   Age verification should not only take place on the interactive service,
      but also on the operator's internet site if customers can use that account
      to gamble on the interactive service without any further checks.

1.4   All services should clearly display an "over 18's only" sign on their main
      page.

1.5   Through the registration process there should be a clear message about
      under age play and steps the operator may take to check age.

2.    Advertising and Promotional Material

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2.1   Advertising and promotions must be compliant with the relevant regulatory
      and advisory codes of practice.

2.2   Advertising should not target those under the age of 18. This includes not
      just content but consideration around the placement of advertising too.

2.3   Advertising should give a balanced message with regards to winning and
      losing.

2.4   Customer should not be encouraged to chase their losses or re-invest their
      winnings.

2.5   At no time should it be suggested that gambling is a means of getting out
      of financial difficulty.

3.    Customer led spend limits

3.1   Whilst operators will set their own limits on player spend and even vary
      those limits on an individual basis, they should also enable the customer
      to determine their own spending limits.

3.2   Services should enable customers to set limits on total deposits per day,
      per week or per month.

3.3   When a player reaches their limit, the operator will be responsible for
      ensuring that no further bets are accepted on the customers' account.

3.4   The customer should be able to reduce their spending limit within the
      service at any time.

3.5   If customers want to increase their spending limit, they will be required
      to phone the operators' call centre. The new limit will be effective 24
      hours after the phone call.

4.    Self-exclusion

4.1   A player should be able to exclude themselves from making any bet on their
      account. In practise this will mean the account is closed and any balance
      transferred to their originating debit or credit card.

4.2   Information regarding the self-exclusion policy and process must be
      clearly explained within a responsible gambling/player protection page.

Once a player has requested self-exclusion, they should not be permitted to undo
their request for a period of 6 months. This also requires the operator to take
reasonable steps to prevent the customer registering again during this period

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5.    Social Responsibility/Player Protection Information

5.1   The service main page should contain the logo/certification kite mark of
      the operators' social responsibility partner.

5.2   The service main page should also contain a link to both a player
      protection page and responsible gambling page. These can either be two
      separate pages or one page with information combined. Content is defined
      below.

5.3   The responsible gambling page should contain:

      a)    a suitable message about the importance of responsible gambling;

      b)    advice on responsible gambling, a statement supporting social
            responsibility and identification of the operators' social
            responsibility partner;

      c)    a list of customer protection measures that are available on the
            service and a link to that page (if separate to the responsible
            gambling page);

      d)    the GamCare (or other similar organization) telephone helpline
            number;

      e)    a message regarding restriction of access to minors;

      f)    when established, details, or a link to a page with details, of the
            operators' social responsibility policy.

5.4   The customer protection page information should contain:

      a)    protection measures available to the customer if they wish to use
            them.

      b)    measures should include customer-led spend limits together with
            self-exclusion instructions.

5.5   The deposit page should contain a reminder to the customer about the need
      to gamble responsibly, with a link to the responsible gambling/player
      protection page.

6.    Reality checks within game play

6.1   It is vital that where a game allows continuous, interactive and rapid
      gambling without a natural break, there should be mechanisms implemented
      that help the customer to monitor their spend and the amount of time they

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      have played so they can make conscious decisions on whether to stop or
      continue. Current practice is to display the telephone tariff rate on
      screen. Within the technological constraints imposed by the Sky
      Interactive platform and their own online systems, operators will develop
      a mechanism that provides further protection. This mechanism should act as
      an effective reality check that will allow the customer to reflect on the
      desire to continue playing or not. Such a mechanism should remind the
      customer of their total online cost (or the tariff rate and their online
      duration) after a specified period of time and at regular intervals
      thereafter.

6.2   The currency unit of the amount wagered should be clearly displayed on the
      games screen as well as the denomination.

6.3   No game should be quicker than 5 seconds between plays.

6.4   The operator should seek guidance from relevant regulatory bodies on the
      implementation of suitable reality checks within each game.

7.    Customer Account

7.1   The customer should only be allowed to register one card or other form of
      payment on their account. If they need to change their payment method or
      details, they will be required to phone the operators' call centre.

7.2   Customers will only be able to register one account on a service rather
      than several accounts with similar details. Whilst it is recognised that
      this is not always possible to prevent, operators should take reasonable
      steps to review new accounts to check whether similar accounts already
      exist and take necessary action. The operator's policy and rules should
      make the opening of additional accounts by an existing customer against
      its terms and conditions.

7.3   Customers should be able to access their recent account history including
      all deposits, withdrawals and bets.

8.    Free Play

8.1   Free play game screens should display the same links to responsible
      gambling/ player protection pages as `play for cash' game screens.

8.2   At a minimum, the customer will be required to enter their date of birth
      (which must be over 18) to `play for free'.

8.3   There should be a clear message that customers must be over 18 to "play
      for free.

8.4   The frequency of "winning" must be the same as `play for cash' games.

9.    Training

The operator should ensure that their customer service teams are trained on
issues of social responsibility and problem gambling. Training should be
refreshed on a yearly basis.

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10.   Auditing/Consultancy

10.1  The service should be audited every year to ensure compliance to the
      social responsibility code of practise for interactive gambling. This
      could be carried out by the regulator, Sky Interactive or the operator's'
      social responsibility partner.

10.2  Before launching a new service that falls outside these guidelines, the
      operator should consult with the relevant regulatory body.

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                   ASA code in relation to Fixed Odds Services

BETTING AND GAMING

54.1  The gaming industry and the advertising business accept responsibility for
      ensuring that marketing communications contain nothing that is likely to
      lead people to adopt styles of gambling that are unwise.

54.2  Marketing communications should be socially responsible and should not
      encourage excessive gambling.

54.3  Care should be taken not to exploit the young, the immature or those who
      are mentally or socially vulnerable.

54.4  Marketing communications should not be directed at people under 18 through
      the selection of media, style of presentation, content or context in which
      they appear. No medium should be used to advertise betting and gaming if
      more than 25% of its audience is under 18 years of age.

54.5  People shown gambling should not be, nor should they look, under 25.

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<PAGE>

           Ofcom codes / guidelines in relation to Fixed Odds Services

                                [to be attached]

                                       56
<PAGE>

                                   SCHEDULE 11

                             Merchant Acquirer costs

         Payments on to the client account

            -     Debit cards : 52p per payment

            -     Credit cards: 2.19% plus 10p per payment

         Withdrawals from the client account

            -     Debit cards (Visa and Delta): (pound)1.40 per withdrawal

            -     Debit cards (Maestro): 52p per withdrawal

            -     Credit cards: (pound)1:40 per withdrawal

                                       57

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