An Arizona couple’s sports-betting software made them $20 million in licensing fees — and the mob more than $1 billion in illegal gambling proceeds, law-enforcement sources say.
Robert Stuart, 53, and his wife, Susanne, 50, accused of creating and licensing software used in illegal sports betting from California to New York, were hauled in handcuffs yesterday into a Manhattan court.
Each faces a single count of felony promoting gambling, although their company, Extension Software, licensed the software only to bookmaking operations based in Costa Rica, the Caribbean and Canada — where such betting is legal.
Susanne Stuart’s brother, Patrick Read, 53, is similarly charged. Prosecutor Michael Gates told Manhattan Supreme Court Justice Bonnie Wittner that the defendants made at least $2.3 million in three years — but their real haul is 10 times that, a source told The Post.
Sources say New York’s four crime families — the Gambinos, Bonannos, Luccheses and Genoveses — are among the biggest users of the software, even if they don’t license it directly from the Stuart family.
The software “allows the mob to move out of the back rooms of Bensonhurst and into offshore gambling and the 21st century,” a law-enforcement source said.
October 29, 2012
Kambi signs sportsbook deal for regulated Belgian market
Belgian licensed betting operator Napoleon Games has selected Unibet’s B2B sports betting division Kambi to deliver a fully managed sportsbook for both web and mobile in the regulated Belgian market.
Kambi Sports Solutions CEO Kristian Nylén said the agreement to provide sportsbook to Napoleon Games, a leading operator in Belgium, further demonstrates the success of Kambi’s strategy in regulated markets.
“I am delighted that Napoleon Games has chosen to partner with Kambi,” said Nylén. “This agreement is further evidence that Kambi’s Sportsbook allows its customers to go head-to-head with industry leaders from day one and of the growing success of Kambi’s strategy in regulated markets. Napoleon Games is an experienced gaming operator and is very highly respected by Belgian players. We look forward to working with Napoleon Games in its efforts to continue be a leading gaming operator.”
Dieter Vanlerberghe, sportsbook manager at Napoleon Games added: “This deal ensures we will have a world class Sportsbook service for our customers. Using Kambi’s Sportsbook, Napoleon Games will be provided with a constantly developing Sportsbook solution that, coupled with our marketing strategy, will leave us ideally placed to attract and retain both new and existing Sportsbook customers in the Belgian market.”
Kambi Sports Solutions CEO Kristian Nylén said the agreement to provide sportsbook to Napoleon Games, a leading operator in Belgium, further demonstrates the success of Kambi’s strategy in regulated markets.
“I am delighted that Napoleon Games has chosen to partner with Kambi,” said Nylén. “This agreement is further evidence that Kambi’s Sportsbook allows its customers to go head-to-head with industry leaders from day one and of the growing success of Kambi’s strategy in regulated markets. Napoleon Games is an experienced gaming operator and is very highly respected by Belgian players. We look forward to working with Napoleon Games in its efforts to continue be a leading gaming operator.”
Dieter Vanlerberghe, sportsbook manager at Napoleon Games added: “This deal ensures we will have a world class Sportsbook service for our customers. Using Kambi’s Sportsbook, Napoleon Games will be provided with a constantly developing Sportsbook solution that, coupled with our marketing strategy, will leave us ideally placed to attract and retain both new and existing Sportsbook customers in the Belgian market.”
October 26, 2012
Illegal offshore gambling ring could hurt Nevada’s emerging online gaming industry
Just as the Internet gambling industry was building credibility in Nevada with strict regulations, taxation and reputable participants, along came Michael Lloyd Colbert.
Colbert, 32, the local Cantor Gaming sports book director and a Nevada gaming licensee, was among 25 people indicted this week in what New York prosecutors call a national illegal sports-betting ring that ran wagers through offshore Internet gambling sites.
The indictment is clearly bad news for Colbert and his co-defendants. But its effects on Cantor Gaming as a company, the sports book business as a whole and the emerging online gambling industry remain to be seen.
It could cause headaches for local people and companies entering the state’s new regulated online poker industry. That emerging sector has a dozen licensees so far with more in the approval pipeline, including giants Caesars Entertainment, MGM Resorts International and Wynn Resorts.
Any association with illegal Internet gambling by a Nevada licensee presents, at minimum, a public relations problem for online poker.
That’s partly because of online poker’s own troubled past, with cases such as the shutdown of illegal online poker operators on Black Friday in April 2011.
"Anything that doesn’t smell right is a negative for that effort," said Anthony Curtis, publisher of the Las Vegas Advisor, a gaming newsletter and website for consumers.
But David Schwartz, director of the Center for Gaming Research at UNLV, said it’s unlikely legal online poker will be tarnished by the sports-betting scandal. That’s because the Internet is merely a tool for communication, he said, and no one would make a connection between legal online poker and illegal sports-betting if the sports bettors were using pencils and paper to execute bets.
Attorney Anthony Cabot, who chairs the gaming law group at the Las Vegas law firm Lewis and Roca, said the indictments illustrate the lack of regulation of most sports betting in the United States. Experts estimate that illegal sports betting could involve $250 billion annually. One of the purposes of legalizing online poker was to regulate and tax the common activity.
"It points to the need for greater transparency" in unregulated sports betting transactions, Cabot said.
As for Cantor Gaming, the company’s sports-betting customers likely were unaffected by Colbert’s alleged criminal activity, Curtis said. One of the key features of legalized sports wagering is that odds on games are posted publicly so gamblers can decide whether to bet and which bets to take.
That means that no matter what Colbert was up to, the lines his books posted were available for anyone to scrutinize, and those who didn’t like them could find odds they liked elsewhere, Curtis said.
Cantor Gaming now faces a public relations quandary with its seven partner casinos in Las Vegas and the potential new partners it hopes to gain as it grows locally. Still, the company should be able to continue operating successfully, as long as higher-ups weren’t involved, Curtis said.
"Right now it looks like it didn’t involve the company and he was putting out a shingle to work on his own," Curtis said.
It’s illegal for Americans to place wagers with offshore sports books but the practice continues — even in Las Vegas, where legal sports books are easy to find. It is particularly rampant among professionals or frequent bettors who want convenience and more favorable betting lines, discounts or rebates, Curtis said.
Cantor undoubtedly will face questions from regulators, even as it moves to distance itself from Colbert.
"Our investigation into this is ongoing and will involve any business holding a gaming license in the state — and that would include Cantor Gaming," Jerry Markling, chief of enforcement for the State Gaming Control Board, said Thursday.
Cantor officials said the arrests had no effect on the company's race and sports books.
"This case relates to Mike Colbert as an individual," Cantor spokeswoman Hannah Sloane said. "This case does not involve Cantor Gaming."
Cantor Gaming has aspirations to enter the Internet poker industry like many of its competitors. One of the questions the company will face is how its own internal compliance department failed to keep tabs on Colbert.
When it was considering selling stock to the public last year, a Cantor affiliate noted how important compliance with gaming laws is.
"We will be subject to disciplinary action by the Nevada Gaming Control Board or Nevada Gaming Commission if we engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon Nevada or gaming in Nevada, or is contrary to Nevada gaming policies," the company said in a regulatory filing.
Colbert acted as one of the criminal enterprise's "money collector/agents'' who built a clientele of bettors for the ring, prosecutors said.
"It is alleged that the agents were the intermediaries between the bettor and the enterprise itself and were responsible for 'squaring up' or 'settling up' with the bettors — usually on a designated day each week — by collecting and paying out money owed," New York prosecutors said.
The ring allegedly collected $50 million in profits over an 18-month period.
Colbert, 32, the local Cantor Gaming sports book director and a Nevada gaming licensee, was among 25 people indicted this week in what New York prosecutors call a national illegal sports-betting ring that ran wagers through offshore Internet gambling sites.
The indictment is clearly bad news for Colbert and his co-defendants. But its effects on Cantor Gaming as a company, the sports book business as a whole and the emerging online gambling industry remain to be seen.
It could cause headaches for local people and companies entering the state’s new regulated online poker industry. That emerging sector has a dozen licensees so far with more in the approval pipeline, including giants Caesars Entertainment, MGM Resorts International and Wynn Resorts.
Any association with illegal Internet gambling by a Nevada licensee presents, at minimum, a public relations problem for online poker.
That’s partly because of online poker’s own troubled past, with cases such as the shutdown of illegal online poker operators on Black Friday in April 2011.
"Anything that doesn’t smell right is a negative for that effort," said Anthony Curtis, publisher of the Las Vegas Advisor, a gaming newsletter and website for consumers.
But David Schwartz, director of the Center for Gaming Research at UNLV, said it’s unlikely legal online poker will be tarnished by the sports-betting scandal. That’s because the Internet is merely a tool for communication, he said, and no one would make a connection between legal online poker and illegal sports-betting if the sports bettors were using pencils and paper to execute bets.
Attorney Anthony Cabot, who chairs the gaming law group at the Las Vegas law firm Lewis and Roca, said the indictments illustrate the lack of regulation of most sports betting in the United States. Experts estimate that illegal sports betting could involve $250 billion annually. One of the purposes of legalizing online poker was to regulate and tax the common activity.
"It points to the need for greater transparency" in unregulated sports betting transactions, Cabot said.
As for Cantor Gaming, the company’s sports-betting customers likely were unaffected by Colbert’s alleged criminal activity, Curtis said. One of the key features of legalized sports wagering is that odds on games are posted publicly so gamblers can decide whether to bet and which bets to take.
That means that no matter what Colbert was up to, the lines his books posted were available for anyone to scrutinize, and those who didn’t like them could find odds they liked elsewhere, Curtis said.
Cantor Gaming now faces a public relations quandary with its seven partner casinos in Las Vegas and the potential new partners it hopes to gain as it grows locally. Still, the company should be able to continue operating successfully, as long as higher-ups weren’t involved, Curtis said.
"Right now it looks like it didn’t involve the company and he was putting out a shingle to work on his own," Curtis said.
It’s illegal for Americans to place wagers with offshore sports books but the practice continues — even in Las Vegas, where legal sports books are easy to find. It is particularly rampant among professionals or frequent bettors who want convenience and more favorable betting lines, discounts or rebates, Curtis said.
Cantor undoubtedly will face questions from regulators, even as it moves to distance itself from Colbert.
"Our investigation into this is ongoing and will involve any business holding a gaming license in the state — and that would include Cantor Gaming," Jerry Markling, chief of enforcement for the State Gaming Control Board, said Thursday.
Cantor officials said the arrests had no effect on the company's race and sports books.
"This case relates to Mike Colbert as an individual," Cantor spokeswoman Hannah Sloane said. "This case does not involve Cantor Gaming."
Cantor Gaming has aspirations to enter the Internet poker industry like many of its competitors. One of the questions the company will face is how its own internal compliance department failed to keep tabs on Colbert.
When it was considering selling stock to the public last year, a Cantor affiliate noted how important compliance with gaming laws is.
"We will be subject to disciplinary action by the Nevada Gaming Control Board or Nevada Gaming Commission if we engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon Nevada or gaming in Nevada, or is contrary to Nevada gaming policies," the company said in a regulatory filing.
Colbert acted as one of the criminal enterprise's "money collector/agents'' who built a clientele of bettors for the ring, prosecutors said.
"It is alleged that the agents were the intermediaries between the bettor and the enterprise itself and were responsible for 'squaring up' or 'settling up' with the bettors — usually on a designated day each week — by collecting and paying out money owed," New York prosecutors said.
The ring allegedly collected $50 million in profits over an 18-month period.
October 25, 2012
bwin.party announce partnership with Zynga
Bwin.party has formed an exclusive partnership with social gaming provider Zynga to develop and operate real money online and mobile poker and casino services in the UK.
Under the agreement, bwin.party will deliver a solution that will include the necessary operating platform, software and related support, to power Zynga’s real money poker and casino services. These services will initially be focused exclusively on UK-based customers and will operate under bwin’s Gibraltar gaming licence.
Jim Ryan and Norbert Teufelberger, the Co-Chief Executive Officers of bwin.party, said: “Today’s announcement is a further example of our success in leveraging our assets through strategic blue-chip partners.
“Zynga is the world’s leader in social games with hundreds of millions of active players and a significant player base in the UK. We are delighted to have been selected as their chosen partner for this important step in their evolution and hope to expand our relationship into other products and markets.”
The agreement will see Zynga’s real money poker players join bwin’s liquidity pool. Bwin is also developing a FarmVille game slot for Zynga’s real money casino.
The new services will be Zynga branded.
Under the agreement, bwin.party will deliver a solution that will include the necessary operating platform, software and related support, to power Zynga’s real money poker and casino services. These services will initially be focused exclusively on UK-based customers and will operate under bwin’s Gibraltar gaming licence.
Jim Ryan and Norbert Teufelberger, the Co-Chief Executive Officers of bwin.party, said: “Today’s announcement is a further example of our success in leveraging our assets through strategic blue-chip partners.
“Zynga is the world’s leader in social games with hundreds of millions of active players and a significant player base in the UK. We are delighted to have been selected as their chosen partner for this important step in their evolution and hope to expand our relationship into other products and markets.”
The agreement will see Zynga’s real money poker players join bwin’s liquidity pool. Bwin is also developing a FarmVille game slot for Zynga’s real money casino.
The new services will be Zynga branded.
Cantor Sports Director arrested
The Sports Director for Cantor Gaming & Sports Book Manager at the M Resort, Michael Colbert, was arrested Wednesday on a out of state arrest warrant, according to the Clark County Detention Center.
Mr Colbert, 32, was booked into jail Wednesday, with a hearing is scheduled for 7:30 a.m. Monday.
A Nevada gambling regulator said a total of eight Las Vegas area residents have been arrested in a New York City police investigation of illegal bookmaking and money laundering.
Gaming Control Board enforcement chief Jerry Markling said beside Colbert, the seven others are not involved with Cantor Gaming. A Cantor spokesman said the case doesn’t involve the company. A company spokeswoman said the company had no comment on Colbert’s arrest.
All those arrested faces enterprise corruption, money laundering and conspiracy charges in New York, Markling said.
Colbert has been the public face of Cantor Gaming since the company arrived to Las Vegas more than three years ago. He served as the sports book director at the M Resort, Cantor’s first property, from the day it opened in March 2009.
The M sports book found immediate, unprecedented success under Colbert’s watch. By offering the highest limits in town and an expanded betting menu that included Las Vegas’ first-ever in-running wagering, it became ground zero for the biggest bettors in Las Vegas.
Cantor grew from there and currently operates sports books at six other casinos — the Venetian, Palazzo, Palms, Cosmopolitan, Hard Rock and Tropicana.
Mr Colbert, 32, was booked into jail Wednesday, with a hearing is scheduled for 7:30 a.m. Monday.
A Nevada gambling regulator said a total of eight Las Vegas area residents have been arrested in a New York City police investigation of illegal bookmaking and money laundering.
Gaming Control Board enforcement chief Jerry Markling said beside Colbert, the seven others are not involved with Cantor Gaming. A Cantor spokesman said the case doesn’t involve the company. A company spokeswoman said the company had no comment on Colbert’s arrest.
All those arrested faces enterprise corruption, money laundering and conspiracy charges in New York, Markling said.
Colbert has been the public face of Cantor Gaming since the company arrived to Las Vegas more than three years ago. He served as the sports book director at the M Resort, Cantor’s first property, from the day it opened in March 2009.
The M sports book found immediate, unprecedented success under Colbert’s watch. By offering the highest limits in town and an expanded betting menu that included Las Vegas’ first-ever in-running wagering, it became ground zero for the biggest bettors in Las Vegas.
Cantor grew from there and currently operates sports books at six other casinos — the Venetian, Palazzo, Palms, Cosmopolitan, Hard Rock and Tropicana.
October 23, 2012
EU Weighs Money-Laundering Curbs in Online Gambling Action Plan
The European Union may toughen safeguards against money laundering through online betting sites and promote hotlines against match fixing as part of a push to boost protection of gamblers and counter fraud.
The European Commission will also speed up probes into whether national restrictions on online gambling firms are legal in a bid to clarify market-access rules for the industry, according to an EU official.
The measures will be included in an action plan for the online gaming and betting industry to be published tomorrow by Michel Barnier, the EU’s financial services chief, said the official, who asked not to be identified because the plans aren’t yet public.
The EU’s top court in recent years has examined a series of cases brought by betting companies including Bwin.Party digital entertainment Plc, Ladbrokes Plc and Betfair Ltd. over whether it is legal for state monopolies to block them from operating freely across the 27-nation region. Online gambling firms have also called on the EU to take action against what they say are unjustified national restrictions on cross-border gambling.
Since 2006, the Brussels-based commission has probed whether national rules in states such as Germany, France and Italy comply with EU laws. Many investigations are ongoing.
The Brussels-based commission has received complaints about market-access curbs in 20 EU nations, the official said.
Nations tend to justify the curbs on the basis that they are needed to protect citizens from gambling addiction and to prevent crime.
Barnier has said that any moves at EU level to remove market barriers mustn’t harm these consumer protection and law enforcement objectives.
The commission has considered and rejected proposing legislation to clarify competition rules for the industry, the official said.
On money laundering, the commission will weigh whether to extend legislation for casinos to online gaming firms, the official said.
The law sets out identity checks and other monitoring that gaming companies must carry out on their customers. It also requires casinos to report suspicious activities to the authorities.
The European Commission will also speed up probes into whether national restrictions on online gambling firms are legal in a bid to clarify market-access rules for the industry, according to an EU official.
The measures will be included in an action plan for the online gaming and betting industry to be published tomorrow by Michel Barnier, the EU’s financial services chief, said the official, who asked not to be identified because the plans aren’t yet public.
The EU’s top court in recent years has examined a series of cases brought by betting companies including Bwin.Party digital entertainment Plc, Ladbrokes Plc and Betfair Ltd. over whether it is legal for state monopolies to block them from operating freely across the 27-nation region. Online gambling firms have also called on the EU to take action against what they say are unjustified national restrictions on cross-border gambling.
Since 2006, the Brussels-based commission has probed whether national rules in states such as Germany, France and Italy comply with EU laws. Many investigations are ongoing.
The Brussels-based commission has received complaints about market-access curbs in 20 EU nations, the official said.
Nations tend to justify the curbs on the basis that they are needed to protect citizens from gambling addiction and to prevent crime.
Barnier has said that any moves at EU level to remove market barriers mustn’t harm these consumer protection and law enforcement objectives.
The commission has considered and rejected proposing legislation to clarify competition rules for the industry, the official said.
On money laundering, the commission will weigh whether to extend legislation for casinos to online gaming firms, the official said.
The law sets out identity checks and other monitoring that gaming companies must carry out on their customers. It also requires casinos to report suspicious activities to the authorities.
October 22, 2012
Mysterious Canadian online poker player making headlines with huge winnings
For all of the whispers and buzz Viktor “Isildur1″ Blom generated when he was an anonymous online poker player playing, and holding his own, against some of the most high profile poker players in the world, a new unidentified online poker player has become the talk of the town, thanks in part to this player laying waste to the high-stakes games in PokerStars.
The player, who goes by the handle 1Il|1Il|1il| and has been dubbed by the online poker community as “Barcode” is raking in serious profits at PokerStars, taking on some of the best online poker players, including, ironically, Viktor “Isildur1″ Blom himself.
According to PokerListings, Barcode even went bonkers on Isildur1, cleaning out the online poker legend for $173,000. More impressively, Barcode has already made $1.2 million in profit for the month of October – and last we checked, we still have over a week before November hits. This dude – or lady – is serious business.
The highlight of Barcode’s October rampage occurred last week when on a single day, he/she managed to obliterate the tables, racking up $500,000 of winnings on what we presume to be $200/$400 PLO games on Stars.
The real identity of Barcode has become a water cooler topic recently with plenty of speculation going around as to who he or she really is. The account is located in Canada, which could suggest that he or she is Canadian, although this has yet to be confirmed.
Be that as it may, there’s no denying that Barcode has been on the kind of heater run where legends are born. The player has had its share of losses – his/her initial go round when he/she first broke into the high-stakes online scene saw him/her drop $200,000 – but he/she also become more known for being the talk of the online poker world for being in the middle of one of the sickest runs we’ve seen in quite sometime.
Anybody that can win $500,000 on a single day playing poker certainly deserves the attention he or she is getting.
The player, who goes by the handle 1Il|1Il|1il| and has been dubbed by the online poker community as “Barcode” is raking in serious profits at PokerStars, taking on some of the best online poker players, including, ironically, Viktor “Isildur1″ Blom himself.
According to PokerListings, Barcode even went bonkers on Isildur1, cleaning out the online poker legend for $173,000. More impressively, Barcode has already made $1.2 million in profit for the month of October – and last we checked, we still have over a week before November hits. This dude – or lady – is serious business.
The highlight of Barcode’s October rampage occurred last week when on a single day, he/she managed to obliterate the tables, racking up $500,000 of winnings on what we presume to be $200/$400 PLO games on Stars.
The real identity of Barcode has become a water cooler topic recently with plenty of speculation going around as to who he or she really is. The account is located in Canada, which could suggest that he or she is Canadian, although this has yet to be confirmed.
Be that as it may, there’s no denying that Barcode has been on the kind of heater run where legends are born. The player has had its share of losses – his/her initial go round when he/she first broke into the high-stakes online scene saw him/her drop $200,000 – but he/she also become more known for being the talk of the online poker world for being in the middle of one of the sickest runs we’ve seen in quite sometime.
Anybody that can win $500,000 on a single day playing poker certainly deserves the attention he or she is getting.
October 18, 2012
Bodog closes to UK customers
Bodog have closed their online site to players in the United Kingdom and Europe, who will now be unable to access the poker rooms. In addition to this, the main UK Bodog casino website has temporarily closed for the overhaul, with new sign ups not being accepted.
A partner brand of Bodog is reported to have said in a statement that the website will also be removing a number of features, including the sportsbook, racebook and poker rooms.
UK customers have been left feeling confused, as the BodogEU website recently shut down and redirected their online traffic to Bodog.co.uk. The freeze on this website has resulted in many UK players feeling dissatisfied with Bodogs treatment of them. In addition to this, Bodog removed their services from 20 European countries earlier this year; including some Eastern European areas, parts of the Middle East and Belgium.
BodogUK stated that upon the sites relaunch there would be no poker features available. They instead wanted to focus more on traditional casino games, such as baccarat, and live dealer games. If players are not satisfied with this service anymore than Bodog informs them that they can cash out and leave with their funds.
For those wanting to stay with the Bodog brand, then they can attempt to create a new account with the Asian facing website, Bodog88.com. However, the appearance and features of the website are designed to attract the Asian audience. The organisation is set to pour most of their focus on the Asian market, much to the negligence of their UK customers.
Robert Gustafsson, the Managing Director, stated There are estimated to be at least 100,000,000 Chinese living outside China and if you then include Thai, Malay and Vietnamese expats, you have more than just a niche market but one that has been ignored by other operators despite being far and away the largest consumer group of casino games on the planet…
He added, Bodog.co.uk can offer a totally different product to a totally different audience and while we still offers sports betting, the all important casino customer will be our main source of revenue.
A partner brand of Bodog is reported to have said in a statement that the website will also be removing a number of features, including the sportsbook, racebook and poker rooms.
UK customers have been left feeling confused, as the BodogEU website recently shut down and redirected their online traffic to Bodog.co.uk. The freeze on this website has resulted in many UK players feeling dissatisfied with Bodogs treatment of them. In addition to this, Bodog removed their services from 20 European countries earlier this year; including some Eastern European areas, parts of the Middle East and Belgium.
BodogUK stated that upon the sites relaunch there would be no poker features available. They instead wanted to focus more on traditional casino games, such as baccarat, and live dealer games. If players are not satisfied with this service anymore than Bodog informs them that they can cash out and leave with their funds.
For those wanting to stay with the Bodog brand, then they can attempt to create a new account with the Asian facing website, Bodog88.com. However, the appearance and features of the website are designed to attract the Asian audience. The organisation is set to pour most of their focus on the Asian market, much to the negligence of their UK customers.
Robert Gustafsson, the Managing Director, stated There are estimated to be at least 100,000,000 Chinese living outside China and if you then include Thai, Malay and Vietnamese expats, you have more than just a niche market but one that has been ignored by other operators despite being far and away the largest consumer group of casino games on the planet…
He added, Bodog.co.uk can offer a totally different product to a totally different audience and while we still offers sports betting, the all important casino customer will be our main source of revenue.
Sportingbet set to agree takeover for £530 million
William Hill has increased its proposed offer for Sportingbet, valuing the online gaming company at £530m.
The offer from the British bookmaker and GVC Holdings includes the recently announced 48.9p a share in cash from William Hill, and 0.0475 new GVC shares per Sportingbet share.
William Hill submitted a £350m proposalwith GVC in September but it was rejected by Sportingbet’s board as undervaluing the company.
In a statement on Tuesday, Sportingbet said it had agreed to work with William Hill and GVC toward a firm offer, which if made, the board would unanimously recommend it to shareholders.
William Hill had been required to announce a firm offer for the online gaming company by 5pm today, but the Takeover Panel has extended this deadline to 5pm on November 13.
William Hill is after Sportingbet’s Australian business, which accounts for 90pc of its profits.
GVC, which last year bought Sportingbet’s Turkish business for £113m, would take on the more politically sensitive, unregulated operations.
The offer from the British bookmaker and GVC Holdings includes the recently announced 48.9p a share in cash from William Hill, and 0.0475 new GVC shares per Sportingbet share.
William Hill submitted a £350m proposalwith GVC in September but it was rejected by Sportingbet’s board as undervaluing the company.
In a statement on Tuesday, Sportingbet said it had agreed to work with William Hill and GVC toward a firm offer, which if made, the board would unanimously recommend it to shareholders.
William Hill had been required to announce a firm offer for the online gaming company by 5pm today, but the Takeover Panel has extended this deadline to 5pm on November 13.
William Hill is after Sportingbet’s Australian business, which accounts for 90pc of its profits.
GVC, which last year bought Sportingbet’s Turkish business for £113m, would take on the more politically sensitive, unregulated operations.
October 09, 2012
PokerStars confirms stake in Hippodrome Casino
The Sunday Times reported that PokerStars, the worlds biggest online poker site had taken a stake in the recently opened Hippodrome Casino in London operated by Simon Thomas and his family, which would value the venue at some £100 million.
PokerStars Director of Communications, Eric Hollreiser:
PokerStars will refurbish and re-brand the poker deck at the Hippodrome Casino to create the UK’s first PokerStars’ poker room.
In 2013, the Hippodrome will become home to a range of new PokerStars’ sponsored tournaments and special events which the site will promote to its customer base of 50 million registered players.
PokerStars has also taken an equity investment in the Hippodrome as part of the deal. However not releasing the amount of the deal, PokerStars can say that the valuation reported in the Sunday Times is not accurate.
PokerStars will also provide poker for a future Hippodrome online casino site.
Guy Templer, Group Strategy Director for PokerStars, said “PokerStars’ expertise and success in both online and live poker makes partnering with Hippodrome a natural fit.” And continued, “the Hippodrome has dramatically raised the quality bar for the UK casino industry,” Templer said, “So together we will give poker players the same great poker experience, live 24/7 in the heart of London that they get from PokerStars online. We are looking forward to unveiling some great new live events for the UK poker market in 2013.”
PokerStars Director of Communications, Eric Hollreiser:
PokerStars will refurbish and re-brand the poker deck at the Hippodrome Casino to create the UK’s first PokerStars’ poker room.
In 2013, the Hippodrome will become home to a range of new PokerStars’ sponsored tournaments and special events which the site will promote to its customer base of 50 million registered players.
PokerStars has also taken an equity investment in the Hippodrome as part of the deal. However not releasing the amount of the deal, PokerStars can say that the valuation reported in the Sunday Times is not accurate.
PokerStars will also provide poker for a future Hippodrome online casino site.
Guy Templer, Group Strategy Director for PokerStars, said “PokerStars’ expertise and success in both online and live poker makes partnering with Hippodrome a natural fit.” And continued, “the Hippodrome has dramatically raised the quality bar for the UK casino industry,” Templer said, “So together we will give poker players the same great poker experience, live 24/7 in the heart of London that they get from PokerStars online. We are looking forward to unveiling some great new live events for the UK poker market in 2013.”
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