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Sportingbet Founder Behind Parlay Entertainment Acquisition - 01-17-08 |
January 17 - It has been reported that Mark
Blandford, the founder of successful online sportsbook, Sportingbet, is behind the pending acquisition of one of the world's
largest online bingo software developers, the Canadian-based Parlay
Entertainment.
Blandford, who is currently the president of PEIC Acquisition Corp, has issued a
letter of intent (non-binding) to purchase Parlay Entertainment for CAN
$0.95 per share, which means the online bingo firm is worth CAN $12.3 million.
In the nine months to the end of September 2007, Parlay saw a decrease in total
revenues by 13 percent down to US $5,990,758 compared with the same period last
year. During the same period, it's Net income dropped from US$1.2 million to
US$296,242.
An online gambling industry insider has revealed that the deal is not expected
to affect Parlay Entertainment's current executive, management or operations
structure, and that the company may announce its involvement in some major deals
in the near future.
Currently Parlay Entertainment suppliers online bingo software to some of the
world's most popular online bingo casinos including
Virgin Bingo.
Fair Online Gambling Related Articles:
>> Parlay Entertainment Granted UK Gambling License - 01-11-08
>> Online Bingo Software Vendor Sees Drop in Revenues - 12-05-07
>> Mega Moolah Jackpot Reaches $2.7 Million - 08-11-07
>> Blackpool Bingo Revamps its Games and Facilities - 08-05-07
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