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Well it all depends on traffic and what percentage of your traffic is non US - In addition to established revenue from Non US Based Players.
Certainly it is a buyers market at the moment. Before the UIGEA and the subsequent enforcement of it, good portals, with solid traffic from quality aimed sources ie google - would sell for around 3 x years annual revenue.
Obviously this is not the case now. I would guess it is more around 1 x years annual revenue - That said you would have to factor in the percentage US Players make up of that.
I am personally interested though as to why VXP is only looking for established portals that have been around since 2003 or before. There are many strong portals, earning sizable revenue that have only been around for a year or so. Age is irrelevant to a certain extent. Because once a site is ranking high in google and the other engines for the 'money' keywords, it makes not a jot of difference whether it be 1 year or 4 years old.
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