For just over 37 million dollars (£21m), Internet gaming company, BetOnSports, has agreed to purchase three online sportsbooks and casinos. The sites purchased by BetOnSports, (MVPSportsbook, Player Super Book, and V-Wager), will be paid for with an initial payment of 20.2 million dollars; $15.2 million cash and 2.18 million shares for MVPSportsbook, Player Super Book and V-Wager. Up to 16.8 million dollars in cash will be paid depending upon the profitability of the acquired businesses up to the year 2007. “This represents an exceptional opportunity to bring well respected brand names into our family,” said David Carruthers, chief executive of BetonSports. The online gaming company also confirmed that sports betting margins for the National Football League in the United States had seen a large number of favorites winning. Mr. Carruthers also said, however, that they don’t expect this to continue. “The company expects that these margins will follow the trend of earlier years and return to normal levels during the balance of the financial year, in which case the results will be in line with expectations” said Mr Carruthers. The company also reported that gross win margins in all other sports had surpassed last year. Just yesterday, Craig Lapsley, the finance director for BetOnSports, stepped down from the board and was replaced by Richard Creed. Creed will act as interim finance director until a permanent replacement is found. Lapsely will continue to be employed by BetOnSports as company secretary. In afternoon trade, BetOnSports shares were down 2¾ at 127½p. Posted on: December 30, 2005
Back to December 2005's archive |
||||||||||||
|
Del.icio.us
Digg
Google
Spurl
Furl
Simpy
Y! MyWeb