|
|
Sportingbet Sells Italian Operation - 08-06-09 |
 August 6 - When top gaming group, Sportingbet launched Sportingbet Italia in 2006, it was under the impression that new gaming rules in Italy would eventually lead to the operations turning a profit.
However, the group took the strategic decision to sell Sportingbet Italia to a local management team "for a nominal consideration", after performance fell short of expectations since the acquisition.
In 2006, Sportingbet was still under the impression that the Italian gaming market would undergo major changes, including the provision of in running betting and the increase of maximum payouts from the current EUR 10K.
Instead, the government introduced a new offline gambling model and issued tenders for thousands of retail licenses.
In a statement issued by Sportingbet this week it was said: "Consequently, the combination of this new alternative channel for the Italian customer together with the lack of operational synergies with the rest of the group's European business has mean Sportingbet Italia has been loss making since acquisition."
"While these losses have been reduced to the minimum considered achievable, the board has concluded that significant financial and managerial investment would be required to generate a profitable business in Italy from its current base and, at this present time, such investment would be better placed elsewhere in the group's portfolio."
Fair Online Gambling Related Articles:
>> NeoGames a New B2B Licensee for Betsson - 08-08-09
>> UK Bookies Offer Odds on Federer Twins - 08-07-09
>> EPFL Backs French Online Gambling Bill - 08-07-09
>> William Hill Confirms Gibraltar Move - 08-06-09
>> YouBet Seeks to Expand to Europe - 08-05-09
>> Online Gaming Study Examines Gambling Habits - 08-05-09
>> UK Soccer Players Suspended for Online Betting - 08-04-09
>> UK Gambling Operators Head Offshore - 08-03-09
|
