Paddy Power Expands Australian Presence - 02-16-10 |
February 16 - Paddy Power, one of the leading sportsbetting groups,
announced that it had increased its shareholding in Sportsbet, an Australian
based betting group.
Paddy Power purchased 51% of the business last year for €27.2 million.
The recent deal saw the Irish group pay another €8.5 million for a further
9.8%, pushing up its stakes in Sportsbet to 60%.
Another clause of the deal states that Paddy Power can purchase up to 100% of
the Australian group at a cost of 5 - 7 times its annual earnings.
The last 9.8% stake in Sportsbet was purchased from Nambawan Capital.
As a result of Paddy Power's statement to the Irish Stock Exchange regarding
the purchase, shares closed up 2.4% at €24 in Dublin this week.
The group's plan to step out the UK and Irish markets are clearly underway,
as this is not the only expansion announced by Paddy Power.
The group recently signed a deal with PMU, the French state owned pool
betting monopoly, that will clearly place Paddy Power in a strong position as
the French gambling market undergoes changes in regulations and legislation.
Sportsbet is considered one of Australia's most popular betting agencies,
headed by Chief Executive Matthew Tripp.
The group has operated in Australia for 15 years and is licensed in the
Northern Territory by the Northern Territory Racing Commission (NTRC).
Visit Paddy Power
today.
Fair Online Gambling Related Articles:
>> Visa Bans Online Gambling Payments - 02-23-10
>> Cantor Gaming Expands Vegas Mobile Presence - 02-22-10
>> Quebec Justifies Online Gambling Decision - 02-20-10
>> New Games from 888 - 02-18-10
>> WinADay Jackpot Hits - 13-02-10
>> Microgaming Rolls Out New Slot Games - 02-11-10
>> Industry Gets Set for Thunderstruck 2 - 02-10-10
>> Bet24 Signs Deal with Cryptologic - 02-09-10
|
