ONLINE GAMBLING A SAFE BET

23 March 2007

Major insurer gets into more Sportingbet shares

In what is perhaps an indicator of growing confidence in the online gambling industry following the mass losses occasioned by the UIGEA last year, one of the UK's biggest insurance groups has made a large share buy in Sportingbet this week.

The fund management unit of insurer Prudential, M&G Investments, bought 2.5 million shares in the UK gambling group, raising its stake from 3.61 percent to 4.19 percent.

M&G now holds 18.15 million shares in Sportingbet, which confirmed earlier this month that it had received a 'very preliminary' approach from Austrian online gaming company Bwin.

Online Casino News courtesy of InfoPowa

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