Feeds

PartyGaming buys Gamebookers

Plays its hand outside the US

Boost IT visibility and business value

PartyGaming has acquired Gamebookers for €102m as it tries to reduce its dependency on the US market, where the future of the online gaming sector is unclear.

The acquisition is the first major deal by incoming CEO Mitch Garber since he joined PartyGaming in April this year. Under the terms of the deal, PartyGaming will acquire the business and assets of Gamebookers, which provides online sports betting in 12 languages and has more than 250,000 registered customers in 140 countries.

"The acquisition of Gamebookers is an important step forward in diversifying PartyGaming's business from both a product and geographic perspective," Garber said in a statement.

Until now, PartyGaming's focus and main strengths have been in the online casino and poker market. This latest acquisition will see it widening its offerings to include online sports betting as it looks to concentrate more on the European and South American markets.

"We believe that sports betting will be a valuable addition to our integrated gaming platform, which we expect to provide excellent cross-selling opportunities for our expanding base of customers outside the US," Garber said.

In July, PartyGaming reported a better-than-expected 49 per cent jump in second-quarter revenue. At the time it said it will aggressively step up its expansion plans outside its core US market, which has been in the news recently following the indictment of Betonsports CEO David Carruthers, as well as several others, on charges of racketeering and conspiracy. On the back of the arrest, BetonSports fired Carruthers, who has pleaded not guilty to the charges.

Gamebookers, which operates out of Bulgaria under an Antiguan gaming licence, will be integrated into the PartyGaming brand. PartyGaming said the acquisition is expected to add to the company's earnings per share figure in the current financial year.

Copyright © 2006, ENN

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.