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Gaming Acquisitions Need Private Money And Public Interest.

Discussion in 'Casino Industry Discussion' started by Ian_go, Dec 3, 2006.

    Dec 3, 2006
  1. Ian_go

    Ian_go Dormant account

    keeping the peace
    Kevin Moran won two All-Ireland Gaelic football championships with Dublin, and had a noted foot-balling career with Manchester United FC. He is known for his ability to seize an opportunity, sometimes a risky one. He was also the first man to be sent off in an FA Cup Final.

    Moran knew he was onto something big when his spread-betting company Worldspreads was being courted by gaming giant SportingBet PLC. The publicly traded bookmaker had an acquisition deal worth 40m on the table and Moran and his partner, Paul McGinley, another Irish sporting star, were close to cashing in. But that all changed when Sportingbets then non-executive chairman Peter Dicks was apprehended in America as part of that country's crackdown on illegal online gambling. SportingBet's share value then plummeted after the US government enacted anti online gaming legislation. The companys stock was worth 1.9 billion at it's peak in 2006. It's market capitalisation now sits at just 180m. SportingBet abandoned the Worldspreads deal all together and the once acquisition hungry public company was forced to shed staff and operations after gave up US players. A demographic that represented close to 75% of it's income

    The Worldspreads deal was not the only one that suffered the industry downturn. SportingBet was close to signing a deal to acquire WorldGaming, a software company with over 200 employees and offices in London, Vancouver and Costa Rica. The deal was nixed at the 11th hour due to the new US legislation. World Gaming was then forced to suspend dealings in its own shares due to an uncertainty over its ability to continue trading. A notice placed a their website reads "World Gaming Plc and certain subsidiaries have had administrators appointed."

    But all is not stagnant for Investment capitalists and acquisition in the industry. Recently You must register/login in order to see the link.

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