TWO BIRDS WITH ONE STONE IN LATEST 24HPOKER ONLINE GAMBLING DEAL

12 October 2007

Sweden and Malta based online poker group signs up 2 big betting names


Things are looking up for the Malta and Sweden based 24hPoker group with its announcement that two well known betting firms have joined its poker network.

In a complicated deal, 24hPoker has announced that the Irish-based Betdaq betting exchange is to join its poker network, and subject to conditions will be granted an option to acquire 125 million B-shares in the listed parent company 24hPoker Holding AB.
The agreement will see Betdaq launching a new poker product on 24hPoker's poker network, and cooperating with 24hPoker in targeting and bringing new operators to the network.

Betdaq matches in excess of 300 million in sports bets monthly and is part of the Global Betting Exchange network. The company is owned by Irish businessman Dermot Desmond and will receive an option to acquire 125 million B shares in 24hPokerHolding AB subject to it remaining on the network for an agreed period of time. The option's duration is for two years and the exercise price is set at 0.42 SEK per share.

"Our agreement with Betdaq gives us strategic and financial advantages that benefit the company and its shareholders. We become affiliated with a strong partner in the gaming business and can benefit from their international connections and experience. I am convinced that this kind of strategic alliance strengthens 24hPoker's position in the international gaming market and this will add to our efforts to turn 24hPoker back into a profitable company," commented PeterÅström, CEO 24hPoker Holding AB.

24hPoker is to summon a general meeting of shareholders to decide on issuing the share options.

Bookmaker Pinnacle Sports will also be joining the poker network as part of the agreement with Betdaq. A spokesperson from the company said: “This is a big break for us. We need this type of international experience.”

Pinnacle Sports will also launch a new poker site on the 24hPoker network, adding substantial player liquidity. Pinnacle Sports is a well established Internet sports betting site serving customers in more than 100 countries worldwide.

"This agreement is the first concrete result of our strategic alliance with Betdaq. Pinnacle Sports is one of the world's most respected gaming operators, and obviously makes a very exciting partner for us," said Astrom, apparently confirming that Bedaq had brought Pinnacle to the 24hPoker table.

Earlier this week 24hPoker and Martinspoker confirmed a merge under Malta registered and licensed Casablanca Gaming Group.

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