Online Gambling Shakeup As Betcorp Bought Out By Bodog - 11-15-06
November 15 - The Unlawful Internet Gambling Enforcement Act of 2006 won't stop online gambling but it will cause consolidation in the industry and a further example of this was announced today as Bodog is now the proud new owner of Betcorp's operating subsidiaries.
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Bodog agreed to buy out Betcorp for a reported $9 million. Betcorp operated the highly successful online sportsbook BetWWTS.com as well as the lesser-known Oasis sportsbook. In addition Betcorp operated BetHoldem Poker, an online poker room, and three online casinos, most notably Thunderbolt Casino.
The deal was finalized earlier today when Betcorp's shareholders agreed to sell. It must come as small consolation to them as the company was decimated by the new internet gambling law in the United States.
The valuation of Betcorp is a fraction of what the company was worth a few months ago. 85% of the company's revenue was generated by US gamblers and following this new online gambling bill they decided to ban Americans from betting on their websites.
Bodog, which is privately held and does not have to answer to shareholders, has no such problems and scooped up these various online gambling operations for an absolute song.
If you hold a BetWWTS account or an account at any of the other operations previously owned by Betcorp then you now have a Bodog account as they have migrated all the old accounts over.
Bodog is owned by the maverick billionaire Calvin Ayre who appears unlikely to back down to the US government as he continues to build his gambling empire, safe (for now) in his mansion in Costa Rica.
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