Sega has decided this year to hit the gas and beat its racing competitors to the E3 punch, announcing an all-new version of its GT series, Sega GT Online. The game, which will be an Xbox-exclusive title this fall, will feature car customization, more than 150 hot rods and support up to six players simultaneously via Xbox Live. Oh, and you’ll be able to bet your entire car or individual parts before you start a race online. The era of online console racing is getting off to a fantastic start.

Sega GT Online is slated to combine the simulation elements made popular in Gran Tourismo (and just about every other notable GT game) with some arcade panache to help make the game approachable to non-hardcore (read: non-gearhead) GT fans. The simulation elements will come through primarily in the game’s races. For starters, Sega GT Online will place gamers in the driver’s seat to complete racing challenges and qualify for specific licenses. Once licensed, players will then be able to compete in increasingly competitive races and, depending on their performance, earn additional money to trick out their cars and buy newer, more powerful rides.

Between races, players can use their winnings to fine-tune nearly every aspect of their car’s performance, from the requisite tire, suspension and weight characteristics to minute details such as the muffler style and type of brakes. It’s doubtful you can add a nitrice exhaust system, but don’t be surprised if other customization elements find their way into the game before it ships this fall.

If car customization isn’t your thing, the game will feature more than 160 hotrods and street racers, so the chances are pretty good that you’ll find at least one car that meets your needs. It’s uncertain how many of these will require unlocking, but it’s a safe bet that you’ll have to achieve certain milestones to unlock the majority of them. Overall, the cars in Sega GT Online will range from old-school roadsters from the 50s, 60s and 70s to cutting-edge prototypes that are still on manufacturers’ drawing boards. You will also be able to win new cars and parts online by betting against opponents before beginning a race. We’d suggest brushing up on your skills before betting the farm, though.

Although details are scarce about specific raceways and venues, Sega promises that GT Online will include more than a dozen "devious, high-speed raceways," and all of the tracks will support smack-talking via the Xbox Communicator. If it’s anything like the voice chat on MotoGP, the fantastic Xbox motorcycle racer, you’ll only be able to talk trash with the racers closest to your position. But why would you want to pick on the guy in last place anyway? Unless you’re running second to last, of course. In which case you might want to ask to cancel your "sure thing" bet.

The GT series has a nice history in terms of its graphic pedigree, and Sega GT Online looks to be more than living up to its predecessors’ heritage. From real-time shadows and reflections to particle effects and good draw distances, we’re looking forward to seeing the game in general, let alone online.

Sega GT Online is still early in development, but it’s far enough along to be scheduled to ship for Xbox this fall. DailyGame will hear more about the game at E3, but until we have a chance to write up our hands-on impressions, enjoy this batch of screenshots directly from Sega.