Former Altech CEO Craig Venter, who quit the Altron group last year after 27 years working for the business started by his father, Bill Venter, has lifted the lid on his new venture. ClickaBet is a sports betting website that Venter has been working on launching for the past 15 months and believes will be a big money-spinner.Forty percent of the equity is held by businesswomen Nomzamo Xaba and Sonja Sebotsa, with Venter holding the rest.Venter, 53, who left Altron following the poor performance of some of the businesses that reported to him - including the spectacular failure of the Altech Node set-top box - believes he is onto a winning formula with ClickaBet."I have the same feeling about this business as I did when I started [vehicle-tracking company] Netstar," he said."It's a new industry with new people, but I can apply my years of ICT experience to create the most innovative sports betting website in the country."Venter believes ClickaBet's success will lie in having the right technology and software platform, getting digital marketing right (he has contracted Matthew Buckland's Creative Spark to manage this for him) and having the right management team in place.To lead the team he has hired Neil Walters, formerly the leader of the development team of Sun International's sports betting website Sunbet, as his general manager.The biggest challenge, Venter said, was securing a licence from the Western Cape Gambling and Racing Board, for ClickaBet to operate nationally.Venter said the online sports betting market in South Africa was growing at about 20% a year. Gambling and sports betting is moving rapidly online and away from physical premises, and this could prompt existing players to look for acquisition targets in the online space.Meanwhile, Venter said, he remained actively engaged at Altron, now as a significant shareholder rather than in operations.He regularly discusses the group's performance and strategy with his brother, Altron CEO Robbie Venter.The Venter family hold a controlling 64% stake in Altron, although the value of that stake has fallen dramatically in the past three years due to the difficulties at many of its operating subsidiaries, including Powertech, Altech Multimedia (principally the UEC set-top box manufacturing business) and Altech Autopage.In the past three years, the Altron share price has tumbled by more than 70%, wiping billions off the group's market capitalisation and the Venters' wealth."I am concerned about the share price," said Venter. He said he and Robbie had "an obligation" to their father, who founded Altron 50 years ago, to "give him the satisfaction that after a full life he can sit back and see a legacy to be proud of. A R5 share price is not going to cut it."..