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Paradise not found for SportingBet.

Discussion in 'Casino Industry Discussion' started by Ian_go, Nov 10, 2006.

    Nov 10, 2006
  1. Ian_go

    Ian_go Dormant account

    Occupation:
    keeping the peace
    Location:
    Canada
    As part of the October 2004 Paradise Poker acquisition deal, SportingBet promised some US$33m in cash and a further 9.7 million shares to the owners of the then top tier online poker room. The main condition of this earn out was that a target of US$150m of operating profit be met. This was reached within two years and the former owners of Paradise were paid. Through their investment company Bonaire, this group of three are now 11% stake holders in SportingBet.

    Rewind to September 7 of this year when SportingBet reported that its chairman, Peter Dicks, was detained in New York City on a Louisiana warrant while traveling in the United States on business unrelated to online gaming. The PLCs stock price took a tumble, but this was just the beginning of the slide. In the final days of September 2006, Senate Majority Leader Bill Frist championed a bill that aimed to outlaw all forms of online gaming in the US. The bill, known as the Unlawful Internet Gambling Enforcement Act of 2006 was broad in its language and contained exceptions for government lotteries. But to publicly traded gaming companies the impact was very clear. The following Monday of the bill being passed, shares in US facing gaming companies on Londons Alternative Index Market lost millions of pounds within the first hour of trading. SportingBet was in that group.

    SportingBet saw another black Friday on You must register/login in order to see the link.
     

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