Full Tilt Poker CEO Ray Bitar has sent out an email this morning to shareholders announcing a deal has been agreed with FTP and the DOJ. Here is the statement in full:
"I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising FullTiltPoker. My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on."
November 02, 2011
Pakistan spot-fixing scandal: ICC needed News of the World to supply bullets
But match-fixing is a reality with which cricket followers in other countries have learned to cope – or else they have switched off the game altogether.
In the heyday of match-fixing in England, we did not do it for anything so sordid as money. It was good old-fashioned barter: we will lose this championship game if you let us win the Sunday League match. Only on one occasion that I know of was betting involved, and that cannot be revealed here, as the law tends to bat on the side of the fixer.
But from the 1990s, according to Justice Cooke during his summing up, and a few years earlier by other reckonings, fixing for money spread through south Asia – and through quite a few cricketers from other countries who played in south Asia.
Pakistan were first to grasp this stinging nettle. In 1999 their government appointed Justice Qayyum to inquire. As usual there, nothing was straightforward: rumours circulated about the game the judge was playing, and about the pressure the government put on him to make his sentences mild.
Nevertheless, former Pakistan captain Salim Malik was banned for life in 2000. Here at last was certifiable evidence that something was rotten in the state of international cricket.
Malik still lives in Lahore but does little more than play golf, go to his club, and brood – with some reason. He is the only one still carrying the can. All the others shamed and fined by Qayyum have come again, and risen to equal heights of eminence as coaches and commentators, without a single act of contrition.
India came next, and did the best job so far. Their Central Bureau of Investigation did not, like the ICC's Anti-Corruption and Security Unit, simply wash and wring their hands. The CBI used 'robust' interrogation techniques, firstly to make the Indian bank clerk-turned-bookmaker MK Gupta sing, which he did, like a lark, telling them all about his fixes.
The CBI then grilled the Indian cricketers named by Gupta. Of course, one or two were too famous to be brought down. But at least the Indian captain, Mohammad Azharuddin, and the one-day vice-captain Ajay Jadeja, were banned, and a few more besides. Not that anyone pleaded guilty, as in Pakistan: it would be more than your life was worth to confess.
Unfortunately the CBI could not grill any of the non-Indian players that Gupta had spoken of dealing with. Most Test-playing countries had at least one international player who had dealt with him, and their boards all did an excellent job in blocking like nightwatchmen, until the media went away.
Only the mafia did not go away. The period around 2000 and 2001 when India and Pakistan held inquiries, and when the late Hansie Cronje confessed in South Africa, was the window: the moment when the sport's governing bodies, fired by the indignation of cricket followers, might just have broken the links between the south Asian mafia and the dressing-room. But there were too many skeletons in too many cupboards, the moment passed, and match-fixing became much more discreet, if no less systemic.
The King Inquiry in South Africa was a classic. The terms of reference were so limited that the lid could only be opened a little – and as soon as Cronje made a confession it was closed, so no more damage could be done to the national image. A partial confession too, some would say, as he got no further than exposing a couple of his non-white players, Herschelle Gibbs and Henry Williams.
Since then, until Tuesday, virtually nothing. In the last decade the ICC has pinned Kenya's captain, Maurice Odumbe, and banned him for five years, but that was for 'associating with a known bookmaker'. The only other player who has been banned (for two years), Marlon Samuels of the West Indies, was guilty of nothing more than naivety in talking to a punter.
The ICC have now equipped themselves to fire shots, but they needed the News of the World to supply the bullets, when their own ACSU should have done so.
In the heyday of match-fixing in England, we did not do it for anything so sordid as money. It was good old-fashioned barter: we will lose this championship game if you let us win the Sunday League match. Only on one occasion that I know of was betting involved, and that cannot be revealed here, as the law tends to bat on the side of the fixer.
But from the 1990s, according to Justice Cooke during his summing up, and a few years earlier by other reckonings, fixing for money spread through south Asia – and through quite a few cricketers from other countries who played in south Asia.
Pakistan were first to grasp this stinging nettle. In 1999 their government appointed Justice Qayyum to inquire. As usual there, nothing was straightforward: rumours circulated about the game the judge was playing, and about the pressure the government put on him to make his sentences mild.
Nevertheless, former Pakistan captain Salim Malik was banned for life in 2000. Here at last was certifiable evidence that something was rotten in the state of international cricket.
Malik still lives in Lahore but does little more than play golf, go to his club, and brood – with some reason. He is the only one still carrying the can. All the others shamed and fined by Qayyum have come again, and risen to equal heights of eminence as coaches and commentators, without a single act of contrition.
India came next, and did the best job so far. Their Central Bureau of Investigation did not, like the ICC's Anti-Corruption and Security Unit, simply wash and wring their hands. The CBI used 'robust' interrogation techniques, firstly to make the Indian bank clerk-turned-bookmaker MK Gupta sing, which he did, like a lark, telling them all about his fixes.
The CBI then grilled the Indian cricketers named by Gupta. Of course, one or two were too famous to be brought down. But at least the Indian captain, Mohammad Azharuddin, and the one-day vice-captain Ajay Jadeja, were banned, and a few more besides. Not that anyone pleaded guilty, as in Pakistan: it would be more than your life was worth to confess.
Unfortunately the CBI could not grill any of the non-Indian players that Gupta had spoken of dealing with. Most Test-playing countries had at least one international player who had dealt with him, and their boards all did an excellent job in blocking like nightwatchmen, until the media went away.
Only the mafia did not go away. The period around 2000 and 2001 when India and Pakistan held inquiries, and when the late Hansie Cronje confessed in South Africa, was the window: the moment when the sport's governing bodies, fired by the indignation of cricket followers, might just have broken the links between the south Asian mafia and the dressing-room. But there were too many skeletons in too many cupboards, the moment passed, and match-fixing became much more discreet, if no less systemic.
The King Inquiry in South Africa was a classic. The terms of reference were so limited that the lid could only be opened a little – and as soon as Cronje made a confession it was closed, so no more damage could be done to the national image. A partial confession too, some would say, as he got no further than exposing a couple of his non-white players, Herschelle Gibbs and Henry Williams.
Since then, until Tuesday, virtually nothing. In the last decade the ICC has pinned Kenya's captain, Maurice Odumbe, and banned him for five years, but that was for 'associating with a known bookmaker'. The only other player who has been banned (for two years), Marlon Samuels of the West Indies, was guilty of nothing more than naivety in talking to a punter.
The ICC have now equipped themselves to fire shots, but they needed the News of the World to supply the bullets, when their own ACSU should have done so.
William Hill withdraws from Probability talks
Shares in mobile gambling specialist Probability plc have slumped 16 per cent in London this morning after UK bookmaker William Hill confirmed that it does not intend to make an offer for the company.
William Hill was originally required to make an offer for Probability by no later than 5pm on October 17th, or to announce that it does not intend to make an offer.
Last month Probability said that following a joint submission with William Hill, the two companies had been granted an extension until November 14th to reach an agreement, pursuant to Rule 2.6(c) of the City Code on Takeovers and Mergers.
This morning however, William Hill said in a statement to the London Stock Exchange that it does not intend to make an offer for Probability.
Under Rule 2.8 of the Takeover Code, William Hill reserves the right to announce an offer, or participate in an offer, for Probability within the next six months so long as various conditions are met.
These include an agreement or recommendation from the board of Probability, an announcement by or on behalf of a third party of a firm intention to make an offer for Probability or if Probability announces that it has received an approach in relation to a possible offer from a third party.
Finally, William Hill can also act in the event that Probability announces a "whitewash" proposal or a reverse takeover or if there is a material change of circumstances.
William Hill was originally required to make an offer for Probability by no later than 5pm on October 17th, or to announce that it does not intend to make an offer.
Last month Probability said that following a joint submission with William Hill, the two companies had been granted an extension until November 14th to reach an agreement, pursuant to Rule 2.6(c) of the City Code on Takeovers and Mergers.
This morning however, William Hill said in a statement to the London Stock Exchange that it does not intend to make an offer for Probability.
Under Rule 2.8 of the Takeover Code, William Hill reserves the right to announce an offer, or participate in an offer, for Probability within the next six months so long as various conditions are met.
These include an agreement or recommendation from the board of Probability, an announcement by or on behalf of a third party of a firm intention to make an offer for Probability or if Probability announces that it has received an approach in relation to a possible offer from a third party.
Finally, William Hill can also act in the event that Probability announces a "whitewash" proposal or a reverse takeover or if there is a material change of circumstances.
October 26, 2011
Will Hill says staff dispute resolved, managers dismissed
William Hill plc says its has ended the disruption at its William Hill Online (WHO) operations centres in Israel, Bulgaria and the Philippines with seven senior WHO managers losing their jobs as a result of the walkouts last week.
The walkouts are believed to have been sparked by concerns that the British bookmaker planned to relocate support functions to its operational base in Gibraltar, a move which William Hill has denied. In response to the walkouts which negatively impacted the company’s share price, William Hill said that senior managers at its Tel Aviv support centre would face disciplinary action.
In a stock market announcement Tuesday, William Hill said that all seven managers have now left the business, with normal business activity resuming at all three locations. The company added that “William Hill Online remains committed to its operation in Tel Aviv”.
William Hill’s joint venture partner in WHO, Playtech, which was also involved in the discussions, said the resolution paves the way for WHO to continue to go from strength to strength.
The company’s chief executive, Mor Weizer, said: “Having been asked by William Hill's Chief Executive, Ralph Topping, to assist, I am very pleased that this issue is now behind William Hill Online. It is very positive for both shareholders that the business can now continue to move forward.”
The successful resolution of the disruption comes just in time for William Hill, which reports its third quarter results tomorrow.
The walkouts are believed to have been sparked by concerns that the British bookmaker planned to relocate support functions to its operational base in Gibraltar, a move which William Hill has denied. In response to the walkouts which negatively impacted the company’s share price, William Hill said that senior managers at its Tel Aviv support centre would face disciplinary action.
In a stock market announcement Tuesday, William Hill said that all seven managers have now left the business, with normal business activity resuming at all three locations. The company added that “William Hill Online remains committed to its operation in Tel Aviv”.
William Hill’s joint venture partner in WHO, Playtech, which was also involved in the discussions, said the resolution paves the way for WHO to continue to go from strength to strength.
The company’s chief executive, Mor Weizer, said: “Having been asked by William Hill's Chief Executive, Ralph Topping, to assist, I am very pleased that this issue is now behind William Hill Online. It is very positive for both shareholders that the business can now continue to move forward.”
The successful resolution of the disruption comes just in time for William Hill, which reports its third quarter results tomorrow.
October 21, 2011
Donald Trump: US should legalize Internet betting
Donald Trump sees money — lots of it — flowing away from him. That, he said, needs to change.
The real estate mogul and founder of an Atlantic City casino company says the United States should legalize Internet gambling. The company that bears his name, Trump Entertainment Resorts, is moving forward with plans to establish an online betting venture as soon as it's legal.
The company says it wants to get in on the ground floor of the Internet gambling business, and is close to selecting a joint venture partner to run an online gambling operation. The idea is to be well-placed and ready to go as soon as such activity is legalized in the United States.
"It should be approved here," Trump told The Associated Press on Thursday. "An awful lot of money is leaving the U.S. that should and could stay in this country."
Trump Entertainment, which includes Donald Trump and daughter, Ivanka, and the Avenue Capital hedge fund, would own 10 percent of the new venture.
Donald Trump said the key to success in the online gambling market is having the best brand.
"We think we have the hottest brand there is, the Trump brand, my personal brand," he said. "We think it's going to do phenomenally well."
In a filing with the Securities and Exchange Commission, Trump Entertainment said it has "determined that such a joint venture represents the most advantageous way for the company to participate in opportunities in online gaming at minimal cost to the company."
No cost estimates were given, and Robert Griffin, the company's CEO, declined to comment Thursday. But in March, after Gov. Chris Christie vetoed a bill passed by New Jersey lawmakers that would have allowed Internet betting solely within New Jersey's borders, Griffin said the money lost to offshore operators should benefit New Jersey.
The law would have made New Jersey the first state in the nation to allow Internet betting.
"Currently, millions of Americans engage in online gaming with illegal offshore operators, and do so with no oversight, no regulation or no consumer protections," Griffin said at the time. "It makes sense for the state of New Jersey to regulate this activity, enforce strict standards to ensure games are fair and safe, and in turn be able to collect tax revenue instead of having those dollars and the jobs they support leaving New Jersey and going illegally overseas."
Christie said he vetoed the law fearing it was unconstitutional and could lead to an explosion of betting parlors throughout the state. By law, gambling in New Jersey is restricted to Atlantic City.
But a New Jersey lawmaker is asserting that individual states have the legal right to offer in-state Internet gambling within their own borders.
State Sen. Raymond Lesniak, D-Union, wrote in July to U.S. Attorney General Eric Holder asserting that New Jersey and all other states can legally offer online betting within their borders.
Lesniak said he will introduce legislation in November to address the main concerns expressed by Christie.
The filing said the company, Donald and Ivanka Trump, and Avenue Capital have signed an agreement authorizing the joint venture once it becomes legal, and that prohibits any of them from seeking other online gambling ventures through May 2012.
Atlantic City is in the midst of a nearly five-year revenue slump brought on by increasing competition from casinos in neighboring states, and worsened by the continuing unsteady economy.
The real estate mogul and founder of an Atlantic City casino company says the United States should legalize Internet gambling. The company that bears his name, Trump Entertainment Resorts, is moving forward with plans to establish an online betting venture as soon as it's legal.
The company says it wants to get in on the ground floor of the Internet gambling business, and is close to selecting a joint venture partner to run an online gambling operation. The idea is to be well-placed and ready to go as soon as such activity is legalized in the United States.
"It should be approved here," Trump told The Associated Press on Thursday. "An awful lot of money is leaving the U.S. that should and could stay in this country."
Trump Entertainment, which includes Donald Trump and daughter, Ivanka, and the Avenue Capital hedge fund, would own 10 percent of the new venture.
Donald Trump said the key to success in the online gambling market is having the best brand.
"We think we have the hottest brand there is, the Trump brand, my personal brand," he said. "We think it's going to do phenomenally well."
In a filing with the Securities and Exchange Commission, Trump Entertainment said it has "determined that such a joint venture represents the most advantageous way for the company to participate in opportunities in online gaming at minimal cost to the company."
No cost estimates were given, and Robert Griffin, the company's CEO, declined to comment Thursday. But in March, after Gov. Chris Christie vetoed a bill passed by New Jersey lawmakers that would have allowed Internet betting solely within New Jersey's borders, Griffin said the money lost to offshore operators should benefit New Jersey.
The law would have made New Jersey the first state in the nation to allow Internet betting.
"Currently, millions of Americans engage in online gaming with illegal offshore operators, and do so with no oversight, no regulation or no consumer protections," Griffin said at the time. "It makes sense for the state of New Jersey to regulate this activity, enforce strict standards to ensure games are fair and safe, and in turn be able to collect tax revenue instead of having those dollars and the jobs they support leaving New Jersey and going illegally overseas."
Christie said he vetoed the law fearing it was unconstitutional and could lead to an explosion of betting parlors throughout the state. By law, gambling in New Jersey is restricted to Atlantic City.
But a New Jersey lawmaker is asserting that individual states have the legal right to offer in-state Internet gambling within their own borders.
State Sen. Raymond Lesniak, D-Union, wrote in July to U.S. Attorney General Eric Holder asserting that New Jersey and all other states can legally offer online betting within their borders.
Lesniak said he will introduce legislation in November to address the main concerns expressed by Christie.
The filing said the company, Donald and Ivanka Trump, and Avenue Capital have signed an agreement authorizing the joint venture once it becomes legal, and that prohibits any of them from seeking other online gambling ventures through May 2012.
Atlantic City is in the midst of a nearly five-year revenue slump brought on by increasing competition from casinos in neighboring states, and worsened by the continuing unsteady economy.
October 18, 2011
Tel Aviv walkout prompts Will Hill disciplinary action
UK bookmaker William Hill said Tuesday that several senior managers at its online support centre in Tel Aviv, Israel, are to face disciplinary action following a mass walkout earlier this week by staff. The walkout was prompted by rumours that the company plans to relocate support operations to the UK or Gibraltar.
In a statement to the London Stock Exchange this afternoon, William Hill confirmed that its chief marketing officer Eyal Sanoff had resigned from his role at the end of last month, while other senior managers are facing disciplinary action in relation to the disruption this week within the marketing business in Tel Aviv, as well as in the customer service and back office operations in Manila and Bulgaria.
According to media reports, nearly 200 staff at the company’s online support centre in Tel Aviv left their desks earlier this week, amidst concerns that William Hill was contemplating moving all of its operations to its base in the UK or Gibraltar.
William Hill Online said that senior management, thought to include COO Jim Mullen, were currently on the ground in Tel Aviv working through these issues and confirmed that the office in Tel Aviv would be closed from tomorrow through to early next week, as normal, through the Jewish holiday period.
“The vast majority of employees of the marketing team in Tel Aviv have good working relationships with the business and with colleagues across William Hill Online,” the company said in a statement. “William Hill Online is committed to its sales and marketing operation in Tel Aviv and contrary to media reports has no intention of relocating this operation.
“William Hill Online can confirm that this situation is not directly affecting the availability of any consumer facing websites at present within the Group. There will be a further update as necessary.”
In a statement to the London Stock Exchange this afternoon, William Hill confirmed that its chief marketing officer Eyal Sanoff had resigned from his role at the end of last month, while other senior managers are facing disciplinary action in relation to the disruption this week within the marketing business in Tel Aviv, as well as in the customer service and back office operations in Manila and Bulgaria.
According to media reports, nearly 200 staff at the company’s online support centre in Tel Aviv left their desks earlier this week, amidst concerns that William Hill was contemplating moving all of its operations to its base in the UK or Gibraltar.
William Hill Online said that senior management, thought to include COO Jim Mullen, were currently on the ground in Tel Aviv working through these issues and confirmed that the office in Tel Aviv would be closed from tomorrow through to early next week, as normal, through the Jewish holiday period.
“The vast majority of employees of the marketing team in Tel Aviv have good working relationships with the business and with colleagues across William Hill Online,” the company said in a statement. “William Hill Online is committed to its sales and marketing operation in Tel Aviv and contrary to media reports has no intention of relocating this operation.
“William Hill Online can confirm that this situation is not directly affecting the availability of any consumer facing websites at present within the Group. There will be a further update as necessary.”
October 14, 2011
Eastern Russia to get first casino
A Casino & Leisure developer has won permission to build Primorye region’s first legal casino. The First Eastern Gaming Company is finalizing the design for an entertainment complex, which will include the casino.
The region is one of Russia’s four legal gambling zones, which were established by federal law in 2009.
The law that brought about the new scheme was signed in 2006, but many people expected that it would never be enforced. The law limits all gambling to Azov City, the Kaliningrad exclave on the Baltic Sea, the Altai region of Siberia and the Primorsky region of Russia’s Far East.
The development is close enough to China to have some impact on Macau and even Singapore should the developers be able to impact those markets.
How large, what exact facilities and what are the target client’s is still unknown from “First Eastern” developers, but The iGaming Post will bring you more on this story soon.
The region is one of Russia’s four legal gambling zones, which were established by federal law in 2009.
The law that brought about the new scheme was signed in 2006, but many people expected that it would never be enforced. The law limits all gambling to Azov City, the Kaliningrad exclave on the Baltic Sea, the Altai region of Siberia and the Primorsky region of Russia’s Far East.
The development is close enough to China to have some impact on Macau and even Singapore should the developers be able to impact those markets.
How large, what exact facilities and what are the target client’s is still unknown from “First Eastern” developers, but The iGaming Post will bring you more on this story soon.
October 12, 2011
Sportingbet targets Danish market with new acquisitions
Sportingbet has made a move into the soon-to-be liberalised Danish online gaming market following the acquisition of Danish bookmakers Danbook Limited and Scandic Bookmakers Limited for a combined £8.5m.
Sportingbet said that its wholly owned subsidiaries, Sportingbet Holdings Limited (SHL) and Interactive Sports (C.I.) Limited (ISCI), have each entered into a conditional binding agreement to acquire the entire issued share capital of Danbook and Scandic respectively.
Danbook and Scandic are both focused on the Danish market, where they offer customers a full range of fixed odds sports betting, casino, poker and games. The aggregate maximum consideration payable for both Danbook and Scandic is £8.5m.
Denmark has passed regulatory legislation that comes into force on January 1st 2012, with the first licenses due to be issued on December 15th.
Sportingbet said that it views this regulatory framework as representing a “commercially viable opportunity”, and has already applied for a licence in the country. The company believes that a combination of Danbook and Scandic, together with its existing Danish business and the recently acquired Centrebet, will transform Sportingbet into one of the largest players in the Danish market.
“These acquisitions emphasise Sportingbet's commitment to generating revenue from regulated markets,” said Andrew McIver, Sportingbet chief executive. “We have already demonstrated our ability to deliver strong growth in licensed territories such as Australia and we are excited by the opportunity that Denmark represents.”
The deal is expected to close in early 2012 following the satisfaction of conditions including the successful award of new Danish gambling licences to both Danbook and Scandic, and the launch of websites compliant with the new Danish regulations.
The maximum aggregate consideration payable across both transactions comprises £4m of cash and £0.5m of Sportingbet shares payable immediately on closing, with a further £4m of cash to be paid across both transactions following the successful migration of the businesses of Danbook and Scandic onto the Sportingbet platform.
Sportingbet added that a number of key individuals within Danbook and Scandic will be retained to provide services to Sportingbet and the enlarged group.
Sportingbet said that its wholly owned subsidiaries, Sportingbet Holdings Limited (SHL) and Interactive Sports (C.I.) Limited (ISCI), have each entered into a conditional binding agreement to acquire the entire issued share capital of Danbook and Scandic respectively.
Danbook and Scandic are both focused on the Danish market, where they offer customers a full range of fixed odds sports betting, casino, poker and games. The aggregate maximum consideration payable for both Danbook and Scandic is £8.5m.
Denmark has passed regulatory legislation that comes into force on January 1st 2012, with the first licenses due to be issued on December 15th.
Sportingbet said that it views this regulatory framework as representing a “commercially viable opportunity”, and has already applied for a licence in the country. The company believes that a combination of Danbook and Scandic, together with its existing Danish business and the recently acquired Centrebet, will transform Sportingbet into one of the largest players in the Danish market.
“These acquisitions emphasise Sportingbet's commitment to generating revenue from regulated markets,” said Andrew McIver, Sportingbet chief executive. “We have already demonstrated our ability to deliver strong growth in licensed territories such as Australia and we are excited by the opportunity that Denmark represents.”
The deal is expected to close in early 2012 following the satisfaction of conditions including the successful award of new Danish gambling licences to both Danbook and Scandic, and the launch of websites compliant with the new Danish regulations.
The maximum aggregate consideration payable across both transactions comprises £4m of cash and £0.5m of Sportingbet shares payable immediately on closing, with a further £4m of cash to be paid across both transactions following the successful migration of the businesses of Danbook and Scandic onto the Sportingbet platform.
Sportingbet added that a number of key individuals within Danbook and Scandic will be retained to provide services to Sportingbet and the enlarged group.
October 11, 2011
Ladbrokes terminates Sportingbet talks
Shares in Sportingbet plc have slumped more than 20 per cent in London this afternoon after the company confirmed that highly preliminary discussions regarding a potential acquisition of the company by Ladbrokes have been terminated.
The Boards of Sportingbet and Ladbrokes agreed to end discussions as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders in a meaningful timeframe.
In a statement to the London Stock Exchange on Monday, Ladbrokes CEO Richard Glynn said that the termination of the talks reflected the company’s attempts to accelerate growth but “without exposure to non mitigatable regulatory liability.”
“In August of last year we laid out a very clear organic strategy and investment programme for the reinvigoration of Ladbrokes,” said Glynn. “We were also clear on the intention to explore opportunities which enabled us to accelerate our progress that enhanced shareholder value and without exposure to non mitigatable regulatory liability.
“The potential benefits and risks associated with a combination with Sportingbet were clear to us from the outset and have been well covered by the market. Having completed our analysis we have been unable to agree a structure which delivers increased shareholder value within an acceptable regulatory environment. We have therefore agreed to end our discussions.
“Throughout this process we have remained fully focused on the execution of our organic strategy and continue to make good progress in its implementation, which remains on track. We are confident this plan will deliver significant value to our shareholders and we will continue to take a disciplined approach over potential opportunities to accelerate it."
In a statement, Sportingbet confirmed that it is currently not in discussions with any other party regarding a potential offer for the company.
“As stated in the company's final results announcement last week, the Board of Sportingbet remains focussed on its overall strategy of providing a first class sports betting product and of increasing its exposure to regulated markets,” said Andrew McIver, Sportingbet’s group chief executive. “The Board remains highly confident of Sportingbet's prospects as an independent company.”
The company said that discussions are progressing with GVC Holdings plc regarding a possible disposal of its Turkish language website, with a further update on to be provided when appropriate.
The Boards of Sportingbet and Ladbrokes agreed to end discussions as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders in a meaningful timeframe.
In a statement to the London Stock Exchange on Monday, Ladbrokes CEO Richard Glynn said that the termination of the talks reflected the company’s attempts to accelerate growth but “without exposure to non mitigatable regulatory liability.”
“In August of last year we laid out a very clear organic strategy and investment programme for the reinvigoration of Ladbrokes,” said Glynn. “We were also clear on the intention to explore opportunities which enabled us to accelerate our progress that enhanced shareholder value and without exposure to non mitigatable regulatory liability.
“The potential benefits and risks associated with a combination with Sportingbet were clear to us from the outset and have been well covered by the market. Having completed our analysis we have been unable to agree a structure which delivers increased shareholder value within an acceptable regulatory environment. We have therefore agreed to end our discussions.
“Throughout this process we have remained fully focused on the execution of our organic strategy and continue to make good progress in its implementation, which remains on track. We are confident this plan will deliver significant value to our shareholders and we will continue to take a disciplined approach over potential opportunities to accelerate it."
In a statement, Sportingbet confirmed that it is currently not in discussions with any other party regarding a potential offer for the company.
“As stated in the company's final results announcement last week, the Board of Sportingbet remains focussed on its overall strategy of providing a first class sports betting product and of increasing its exposure to regulated markets,” said Andrew McIver, Sportingbet’s group chief executive. “The Board remains highly confident of Sportingbet's prospects as an independent company.”
The company said that discussions are progressing with GVC Holdings plc regarding a possible disposal of its Turkish language website, with a further update on to be provided when appropriate.
Bookmakers fear 'nightmare' scenario of Wales World Cup win
For Saturdays semi-final, William Hill was offering the miserly odds of 4/5 on Wales winning and 11/10 on France.
Ladbrokes were yesterday offering 11/8 odds on a Wales versus New Zealand final and 9/2 on Wales versus Australia.
Ladbrokes Alex Donohue said: Were cheering on Australia in a big way for the tournament. New Zealand would be an acceptable result but a Wales win would leave us in despair.
Sky Bet was offering 4/6 odds for Wales and 6/5 for France to prevail on Saturday, a distinct shift from 24 hours earlier when France were at evens and Wales the narrow 5/6 favourites.
Bookmaker Stan James said the semi final lineups have led to a shake-up in Rugby World Cup betting with StanJames.com.
The big Rugby World Cup betting story so far is that New Zealand can be backed now at a bigger price than they were available pre-tournament, he said.
New Zealand were on offer at 1/2 with StanJames.com before the Rugby World Cup began, with New Zealand having looked the proverbial good thing, but despite them having reached the Rugby World Cup semi-finals the wheels have at times looked like they might be coming off their train.
New Zealand can now be backed at odds of 8/13 to win the Rugby World Cup.
He added: Wales have been a revelation in this Rugby World Cup, and are now 11/2 chances to win the Rugby World Cup outright having been a massive 80/1 at one stage during the summer.
Here at Stanjames.com we make Wales slight favourites to beat France (13/2 to win the Rugby World Cup) in their semi-final clash on Saturday.
Ladbrokes were yesterday offering 11/8 odds on a Wales versus New Zealand final and 9/2 on Wales versus Australia.
Ladbrokes Alex Donohue said: Were cheering on Australia in a big way for the tournament. New Zealand would be an acceptable result but a Wales win would leave us in despair.
Sky Bet was offering 4/6 odds for Wales and 6/5 for France to prevail on Saturday, a distinct shift from 24 hours earlier when France were at evens and Wales the narrow 5/6 favourites.
Bookmaker Stan James said the semi final lineups have led to a shake-up in Rugby World Cup betting with StanJames.com.
The big Rugby World Cup betting story so far is that New Zealand can be backed now at a bigger price than they were available pre-tournament, he said.
New Zealand were on offer at 1/2 with StanJames.com before the Rugby World Cup began, with New Zealand having looked the proverbial good thing, but despite them having reached the Rugby World Cup semi-finals the wheels have at times looked like they might be coming off their train.
New Zealand can now be backed at odds of 8/13 to win the Rugby World Cup.
He added: Wales have been a revelation in this Rugby World Cup, and are now 11/2 chances to win the Rugby World Cup outright having been a massive 80/1 at one stage during the summer.
Here at Stanjames.com we make Wales slight favourites to beat France (13/2 to win the Rugby World Cup) in their semi-final clash on Saturday.
Subscribe to:
Posts (Atom)