SALE OF BETDIRECT UNDER NEGOTIATION
21 September 2007
32Red subsidiary may be acquired by Irish group
The Gibraltar-based quality sportsbook Bet Direct.com
may be acquired by an as yet unidentified company,
owners 32 Red plc have confirmed following rumours of
negotiations earlier this week....and judging by
industry personnel movements reported lately, the buyer
may be Irish company Boyle Sports, although that has yet
to be clarified.
In a statement to the London Stock Exchange, 32Red said
that following “recent press speculation” it could
confirm it was “in discussions concerning a potential
sale” without disclosing who the other party was.
Sportech sold Bet Direct to 32Red a little over 18
months ago for a reported GBP 12.5 million, and
according to the latest company reports the company has
over 46 000 active customers generating gross win
revenues of GBP 3.5 million. Over the past year, over 11
000 new clients were signed up.
The downside was that poor trading conditions, which are
currently improving, slowed performance, resulting in a
pre-tax loss of GBP 3.7 million.
Prior to its sale to 32Red, according to company reports
from that time, Bet Direct - then owned by Sportech -
produced operating losses of GBP 4.8 million in the year
to the end of December 2005 on turnover of GBP 143
million.
Online Casino News courtesy of
InfoPowa
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