August 9 - Online poker and online casino giant PartyGaming has made its
anticipated move into the sports betting market through the acquisition of
Gamebookers sportsbook for Euro102 million (£69.4 million) in cash. This is
pretty small fry for Party Gaming, but is aimed at diversifying their product
range...
With its stock market value currently at aournd £4.4 billion, the deal seems
insignificant, but could indicate the start of Party Gaming's anticipated
product diversification. It also make sense for the company, while many
uncertainties over the US market remain. Party Gaming is still very reliant on
its US revenues.
The announcement however comes at a rather bleak time, after the areas of
BetonSports CEO David Carruthers, who has since been sacked, in the US.
Gamebookers currently does not take bets from players based in the US, where PartyGaming generates
over 75% of its revenues.
Gamebookers has been taking bets since 1999 and has over 250,000 registered customers
from 140 different countries. Over 53,000 of these are active players, and bet
on a wide range of sports.
Party Gaming will obviously look to exploit cross selling opportunities
between its existing poker and casino base and the new sports customers which
the deal will give them access to.
Gamebookers took bets worth Euro 179.4
million during 2005 and made a Net Profit of €4.6 million.
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