BetCRIS chief executive Mickey Richardson has said he is happy to speak to potential buyers “as long as they are serious”. Although Richardson said he was not actively looking to sell BetCRIS and wanted to grow the business further, he declared he would listen to offers for the US-focused sportsbook that reached US$100m or more. He said he was basing that figure on the current initial public offering (IPO) valuations of competitors.
BetCRIS has been looking to diversify its customer base for the past few years, moving away from the low margin, high end bettor and into the recreational player market. This was done by increasing the branding and marketing message of its poker, casino and cash and skill games products to its players.
While this led to talks with parties interested in buying up the non-core divisions of the BetCRIS business in the past, Richardson said he wanted to generate substantial revenues from all of them first and sell the whole company off as one rather than divesting parts of it.
Richardson said BetCRIS had maintained its competitive edge by remaining private and not being beholden to shareholders and that potential acquisitions he had looked into were overvalued at the moment.
But due to the nature of the majority of his customers, BetCRIS operated “a very low margin business” with fluctuating revenues and he was happy to consider consolidating his company by being acquired by a larger, publicly-listed operator.
source : egr magazine
