E-GAMING REVIEW
Betcorp, the Australian parent company of BetWWTS, is in advanced
negotiations to acquire an Antigua-based sportsbook and casino firm for
US$6.15m. The takeover target was not named by the firm, but us
reported to have an annual turnover of US$200m and a predominately
recreational player base.
It has a reported pre-tax profit of US$1.1m in 2004, but Betcorp said it expected a far higher contribution in 2005.
There are only a few sportsbooks with casinos licensed in Antigua including the Sportingbet and BetonSports groups.
However, the two most likely contenders are Intertops and Cybersportsbook.
The acquisition of a predominately recreational sportsbook fits in with
Betcorp’s previously stated desire to move away from high roller
punters.
Betcorp said only 10% of the takeover target’s clients had an account with BetWWTS.
The firm, which returned to profitability in the fourth quarter of
2004, has raised an additional US$3.5m though a private placement to
fund the deal.
It also updated 2005 forecasts, and said it expected to net a US$5.5m pre tax profit for the year.
Betcorp also said it would continue to explore further acquistion opportunities during 2005.
