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BetOnSports Raising Cash

Discussion in 'Casino Industry Discussion' started by jetset, Nov 9, 2006.

    Nov 9, 2006
  1. jetset

    jetset Ueber Meister CAG

    Senior Partner, InfoPowa News Service

    Asian facing sportsbook returned to original owners by beleaguered betting company

    In what many industry observers are interpreting as a move to raise cash to pay out player obligations arising from the settlement of its issue with the US Justice Department, BetonSports is reported to have sold off its Hooball subsidiary.

    Media reports are that BetonSports has sold the Asian-facing Hooball sportsbook and casino to its original founders for US$2.25 million in cash. The purchaser has agreed to return 3 859 089 shares that were issued at the time of the BetonSports acquisition, and to cancel the outstanding consideration of US$5 million. Any future earnouts were also cancelled.

    The sale follows a St. Louis, USA court order (see previous InfoPowa reports) obtained against BoS by the US Department of Justice on the US-facing business of BetonSports, which was imposed earlier this year.The order required B0S to cease accepting US players, and to return the deposits of US players already registered.

    Hooball was acquired in May this year for an initial consideration of US$22 million, with US$10 million paid in cash, and was integrated into the BetonSports-owned Malaysia-based Easybets infrastructure.

    BetonSports spokesmen told media that the sale was due to its inability to pay outstanding amounts related to the business and the DoJs actions. It said its other Asian-facing operations continued to trade as normal. BetonSports added it was in continued negotiations with the DoJ with the aim of settling all charges against the company.

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