Feeds

PartyGaming buys Gamebookers

Plays its hand outside the US

Securing Web Applications Made Simple and Scalable

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
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.