Ladbrokes Coral was busy celebrating on Monday overcoming the “last significant hurdle” to its merger agreement. But the news that the company could only fetch £55.5m for the combined parcel of 359 shops it has offloaded to Betfred and Stan James will likely send shudders throughout the sector.
The shops sale was mandated by the Competition and Markets Authority (CMA) in the summer which said between 350 and 400 outlets needed to be sold in order to satisfy local competition issues from the merging of the two estates.
The disposal will see Betfred pick up 322 shops for a total of £55m while Stan James will pick up the rump of 37 shops for £0.5m. It leaves the Ladbrokes Coral combination with a total of 3,626, the largest estate in the UK, pushing William Hill into second place with 2,330 and with Betfred now rising to 1,688.
The shops in question generated an EBITDA contribution of £28.5m which translates to a multiple of around 2.2 times and analysts were quick to brand the price-tag as disappointing. Richard Stuber at Numis said he had previously pencilled in proceeds of circa £108m, based partly on speculation in the press that Boylesports would be willing to pay around £100m for the parcel.
Indeed, Gala Coral chief executive Carl leaver hinted that other bidders might have been willing to pay more for the shops but Ladbrokes Coral had opted for certainty in order to get the deal over the line and move towards final CMA clearance.
But as Paul Leyland, founder at gambling consultancy Regulus Partners, said the low multiple still reflects the long-term earnings decline at the high-street bookmakers and the potential impact of the Triennial Review of gaming machine stakes and prizes which is likely to be officially announced by the government within weeks.
The news of the divestment sent the analysts back to the drawing board with their valuations for high-street bookmakers. Simon French at Cenkos said the “very disappointing valuation” achieved or these shops “must raise significant questions over the appropriate medium-term multiple with which to value both the enlarged Ladbrokes Coral retail estate and that within William Hill”.
Stuber at Numis said the “risk to future retail cash flows has clearly increased over last few months”.
Although he said he appreciated the forced nature of the sale and cautioned that it couldn’t give a read-across the entire estate, he said it would be prudent to cut its valuation of the combined group’s high-street business from nearly six times EBITDA to a multiple of four times.
The news that it was Betfred and Stan James that had won the race for these divested shops will no doubt be a disappointment to many, including the failed bidders and other interested parties such as the British Horseracing Authority which had lobbied the CMA to ensure true competition by allowing for a new competitor to enter the high street.
As Leyland from Regulus said: “The divestment to two established UK high-street operators will no doubt satisfy the CMA requirement that the acquirers must be qualified. However, it also means that the merger will not create a challenger brand, nor is it likely to drive material change within the (increasingly stale) offer available to British licensed betting office customers, in our view.”
Showing posts with label Betfred. Show all posts
Showing posts with label Betfred. Show all posts
October 18, 2016
July 14, 2016
Betfred the favourite in race for Ladbrokes and Coral shops
The Sunday Times has reported that Betfred is nearing a deal to buy hundreds of betting shops, as the Ladbrokes-Coral merger enters the final stages of its UK Competition and Markets Authority (CMA) review.
As part of its merger completion, Ladbrokes-Coral has been forced to sell a significant number of betting shops in order to secure UK competition approval and close its £2.3 billion merger (first announced – June 2015).
In May the UK markets authority had ordered Ladbrokes and Coral governances to begin to sell off a number of its retail assets as its review had identified +600 areas across the UK where the merger could harm competition.
Manchester-based Betfred, Britain’s fourth largest highstreet bookmaker with a retail portfolio of 1400 shops, is reported to be willing to buy between 300-400 of Ladbrokes-Coral’s inventory.
The Sunday Times reports that led by Founder Fred Done, Betfred’s retail bid had edged out Irish competitor BoyleSports, whose founder John Boyle had viewed the retail sell-off of the Ladbrokes-Coral merger as an easy way of expanding BoyleSports in the highly saturated UK betting market.
The move by Betfred to increase significantly its retail betting portfolio may surprise some industry analysts. Filing its annual return for 2015 this month the bookmaker reported losses of £76 million.
Betfred governance stated that a tough 2015 had seen its operations readjust to new industry taxes with lower revenue margins.
As part of its merger completion, Ladbrokes-Coral has been forced to sell a significant number of betting shops in order to secure UK competition approval and close its £2.3 billion merger (first announced – June 2015).
In May the UK markets authority had ordered Ladbrokes and Coral governances to begin to sell off a number of its retail assets as its review had identified +600 areas across the UK where the merger could harm competition.
Manchester-based Betfred, Britain’s fourth largest highstreet bookmaker with a retail portfolio of 1400 shops, is reported to be willing to buy between 300-400 of Ladbrokes-Coral’s inventory.
The Sunday Times reports that led by Founder Fred Done, Betfred’s retail bid had edged out Irish competitor BoyleSports, whose founder John Boyle had viewed the retail sell-off of the Ladbrokes-Coral merger as an easy way of expanding BoyleSports in the highly saturated UK betting market.
The move by Betfred to increase significantly its retail betting portfolio may surprise some industry analysts. Filing its annual return for 2015 this month the bookmaker reported losses of £76 million.
Betfred governance stated that a tough 2015 had seen its operations readjust to new industry taxes with lower revenue margins.
December 10, 2015
Betfred looking at 500 betting shop sale off
With the Ladbrokes and Coral deal moving forward with the £2.3 billion merger, Betfred are looking to possibly snap up some 500 betting shops from the newly combined betting firm that Betfred believe will have to be sold to allow the deal through the Competitions Commission.
Currently Ladbrokes and Coral have a combined estate of 4,000 sites and to get the deal through the competition commission the business believes it will have to shed some 500 betting shops and that’s where Betfred hope to profit.
Fred Done, who founded the business with his brother Peter 48 years ago, told The Sunday Telegraph he would “absolutely” be willing to talk to the bookmakers about buying sites offloaded to gain regulatory approval for the deal.
“We operate just short of 1,400 shops, another 400 or 500 shops wouldn’t be a problem to run,” he said. “If somebody knocks at my door and says: ‘Fred, do you want to buy some of these shops?’, I’d like to sit down with Coral and Ladbrokes and have a discussion with them.”
Most analyst’s say that with the merged company having some 45% share of the market by the number of betting shops and 47% share of total revenues in betting shops in the UK many say that a sale of some 500 shops will have to happen to reduce that share percentage.
However Betfred think there will be competition for those shops from Paddy Power, private equity firms and foreign buyers.
Currently Ladbrokes and Coral have a combined estate of 4,000 sites and to get the deal through the competition commission the business believes it will have to shed some 500 betting shops and that’s where Betfred hope to profit.
Fred Done, who founded the business with his brother Peter 48 years ago, told The Sunday Telegraph he would “absolutely” be willing to talk to the bookmakers about buying sites offloaded to gain regulatory approval for the deal.
“We operate just short of 1,400 shops, another 400 or 500 shops wouldn’t be a problem to run,” he said. “If somebody knocks at my door and says: ‘Fred, do you want to buy some of these shops?’, I’d like to sit down with Coral and Ladbrokes and have a discussion with them.”
Most analyst’s say that with the merged company having some 45% share of the market by the number of betting shops and 47% share of total revenues in betting shops in the UK many say that a sale of some 500 shops will have to happen to reduce that share percentage.
However Betfred think there will be competition for those shops from Paddy Power, private equity firms and foreign buyers.
March 19, 2014
Betfred to Refund All Bets on Manchester United Winning the Title
Manchester United fans have had a torrid season, but one bookmaker is giving those die-hards who backed the Red Devils to retain the title a touch of relief.
Betfred owner Fred Done has said that any punter who had a bet on United to win the Premier League will get a full refund.
The Manchester Evening News said it will cost the bookie £200,000.
Done infamously paid out early on United winning the title in 1998, only for Arsenal to overtake Sir Alex Ferguson's men.
He was quoted in the paper as saying:
"These loyal fans never had a chance of winning with United. This season the Reds have been useless, hopeless and meaningless. One of the reasons I’m doing this is, and becoming the first bookmaker ever to do so, is because of the way the fans were still singing for their team even though we were losing 3-0 to Liverpool. I couldn’t believe it and they deserve a team much better than that put out by David Moyes."
Trouble is we fear that most United fans ripped up their slips many months ago.
Betfred owner Fred Done has said that any punter who had a bet on United to win the Premier League will get a full refund.
The Manchester Evening News said it will cost the bookie £200,000.
Done infamously paid out early on United winning the title in 1998, only for Arsenal to overtake Sir Alex Ferguson's men.
He was quoted in the paper as saying:
"These loyal fans never had a chance of winning with United. This season the Reds have been useless, hopeless and meaningless. One of the reasons I’m doing this is, and becoming the first bookmaker ever to do so, is because of the way the fans were still singing for their team even though we were losing 3-0 to Liverpool. I couldn’t believe it and they deserve a team much better than that put out by David Moyes."
Trouble is we fear that most United fans ripped up their slips many months ago.
March 14, 2014
Betfred get Tote rebate of £32m after an early payment clause allowed them to reduce the original bill of £265m to £233m
The Mail Online has revealed that the UK bookmaker Betfred managed to acquire the Government-owned Tote for a mind boggling £32m cheaper than was originally thought to be the case.
The process to acquire the seven-year license to operate the Tote began in Nov 2010 and ended when Fred Done and his team were awarded the contract in June 2011.
The fee was said to be £265m with £90m going towards horse racing and £90m being returned to the taxpayer. Additionally, Betfred would commit to paying the racing industry £11m up to March 2012 and payments of £9m per year for the next six years. The Tote’s 517 Retail outlets were rebranded in Betfred livery and they were soon managing the pool betting at 60 UK racecourses.
The story claims that Betfred actually paid £233m after cutting a deal with the government for paying the fee early, saving £25m in scheduled interest payments, and earning a £7m early-payment rebate.
A spokesperson for the Department for Culture, Media & Sport (DCMS) told the Mail Online: “The sale of the Tote to Betfred was about getting the best possible deal for racing. The Government has begun discussions with racing on the arrangements for paying their final share of the net proceeds, after Betfred’s early completed payment on the deal.’
Betfred’s main rivals at the time of the tender were Sport Investment Partners, a consortium led by the former Chairman of Liverpool FC Sir Martin Broughton. Speaking from the Cheltenham Festival Broughton said: “I feel aggrieved because I’ve always considered we had the best bid.”
The current license for the Tote ends in 2018 but as Fred Done said at the time of the initial announcement, “there’s no reason why this can’t go on forever.”
The process to acquire the seven-year license to operate the Tote began in Nov 2010 and ended when Fred Done and his team were awarded the contract in June 2011.
The fee was said to be £265m with £90m going towards horse racing and £90m being returned to the taxpayer. Additionally, Betfred would commit to paying the racing industry £11m up to March 2012 and payments of £9m per year for the next six years. The Tote’s 517 Retail outlets were rebranded in Betfred livery and they were soon managing the pool betting at 60 UK racecourses.
The story claims that Betfred actually paid £233m after cutting a deal with the government for paying the fee early, saving £25m in scheduled interest payments, and earning a £7m early-payment rebate.
A spokesperson for the Department for Culture, Media & Sport (DCMS) told the Mail Online: “The sale of the Tote to Betfred was about getting the best possible deal for racing. The Government has begun discussions with racing on the arrangements for paying their final share of the net proceeds, after Betfred’s early completed payment on the deal.’
Betfred’s main rivals at the time of the tender were Sport Investment Partners, a consortium led by the former Chairman of Liverpool FC Sir Martin Broughton. Speaking from the Cheltenham Festival Broughton said: “I feel aggrieved because I’ve always considered we had the best bid.”
The current license for the Tote ends in 2018 but as Fred Done said at the time of the initial announcement, “there’s no reason why this can’t go on forever.”
July 06, 2012
Betfred signs branded content deal for social football game
Independent bookmaker Betfred has signed a deal to provide its branded content within a popular social football game developed by We R Interactive.
We R Interactive’s I AM PLAYR social football game was first released last October and lets users play the life of a professional footballer. It fuses live action video, interactive story-telling and first-person perspective 3D game play to create an original narrative, where the storyline is dictated by the player's decisions and actions both on and off the pitch.
From August 18th, Betfred.com will appear in the game via a virtual in-game betting shop which pulls in real-life Premier League football betting fixtures and allows players to bet using their in-game cash.
The game also incorporates Betfred’s high profile horse-racing sponsorships, as well as its recent sponsorship of the World Snooker Championship at the Crucible.
Betfred said that it was an “innovative” deal which aims to drive brand awareness, as part of the company’s strategy to create social entertainment experiences around its sponsorship portfolio.
“Betting and football are natural partners, so it's great to be bringing the Betfred brand into the game through these really innovative integrations that further authenticate the game and blur the boundaries between the real life of a professional footballer and the virtual world of I AM PLAYR,” said Paul Whitehead, global commercial director of We R Interactive. “We're building a large audience for I AM PLAYR, so we'll be working with Betfred to grow their own social activities.”
Betfred managing director Chris Sheffield added: “We are all about innovation at Betfred.com, that’s why this deal was so appealing and we are delighted that our brand will be exposed to a wider audience.”
We R Interactive’s I AM PLAYR social football game was first released last October and lets users play the life of a professional footballer. It fuses live action video, interactive story-telling and first-person perspective 3D game play to create an original narrative, where the storyline is dictated by the player's decisions and actions both on and off the pitch.
From August 18th, Betfred.com will appear in the game via a virtual in-game betting shop which pulls in real-life Premier League football betting fixtures and allows players to bet using their in-game cash.
The game also incorporates Betfred’s high profile horse-racing sponsorships, as well as its recent sponsorship of the World Snooker Championship at the Crucible.
Betfred said that it was an “innovative” deal which aims to drive brand awareness, as part of the company’s strategy to create social entertainment experiences around its sponsorship portfolio.
“Betting and football are natural partners, so it's great to be bringing the Betfred brand into the game through these really innovative integrations that further authenticate the game and blur the boundaries between the real life of a professional footballer and the virtual world of I AM PLAYR,” said Paul Whitehead, global commercial director of We R Interactive. “We're building a large audience for I AM PLAYR, so we'll be working with Betfred to grow their own social activities.”
Betfred managing director Chris Sheffield added: “We are all about innovation at Betfred.com, that’s why this deal was so appealing and we are delighted that our brand will be exposed to a wider audience.”
June 29, 2012
Betfred customer has yet to pick up £400,000 winnings, probably doesn’t even know they won
You tell us we won £1,000 on a bet and we’d probably run faster than Speedy Gonzales to claim our winnings. You tell us we won almost £400,000 and we’d make a straight bee-line to any of your shops and start banging at your door – even if it’s at 3 in the morning.
But that’s us, and apparently, not everybody has that sudden rush to instantly collect winning bets. Or maybe they just don’t know that they’d won.
A Betfred shop customer who won £394,487 from a £2 bet during last weekend’s totescoop6 has yet to pick-up their fortune, and Betfred is worried that the person, whoever he or she is, doesn’t even know they’ve won.
The punter placed their bet at the Befred shop in Newcastle-Upon-Tyne, improbably picking the six winners of the nominated Scoop6 races over the weekend. But the problem is, the winnings have yet to be claimed with the winner potentially missing out on registering for the bonus race at the 3.20 Newcastle – the John Smith’s Northumberland Plate at Newcastle this weekend for a chance to add another £251,996 to their bank account.
Oh, the predicament.
“Usually punters are banging my doors down to collect their winnings, said Betfred boss Fred Done, “and I’m really worried that our Scoop6 winner may not actually know they’ve won.”
So how exactly can someone win such a massive amount of money without them knowing it?
According to BetFred: “under the rules of the bet, any selections made that are non-runners are automatically placed onto the eventual favorite and given the fact there were eighteen horses withdrawn across the six Scoop6 races last Saturday, there is a strong possibility that the winner may not have realized they have actually won.”
The new “half-a-millionaire” has until 2pm this Saturday to go to any Betfred shop or phone in at the number 0800-028-4418 to be eligible for the bonus race and a chance to up his or her winnings to £650,000.
But that’s us, and apparently, not everybody has that sudden rush to instantly collect winning bets. Or maybe they just don’t know that they’d won.
A Betfred shop customer who won £394,487 from a £2 bet during last weekend’s totescoop6 has yet to pick-up their fortune, and Betfred is worried that the person, whoever he or she is, doesn’t even know they’ve won.
The punter placed their bet at the Befred shop in Newcastle-Upon-Tyne, improbably picking the six winners of the nominated Scoop6 races over the weekend. But the problem is, the winnings have yet to be claimed with the winner potentially missing out on registering for the bonus race at the 3.20 Newcastle – the John Smith’s Northumberland Plate at Newcastle this weekend for a chance to add another £251,996 to their bank account.
Oh, the predicament.
“Usually punters are banging my doors down to collect their winnings, said Betfred boss Fred Done, “and I’m really worried that our Scoop6 winner may not actually know they’ve won.”
So how exactly can someone win such a massive amount of money without them knowing it?
According to BetFred: “under the rules of the bet, any selections made that are non-runners are automatically placed onto the eventual favorite and given the fact there were eighteen horses withdrawn across the six Scoop6 races last Saturday, there is a strong possibility that the winner may not have realized they have actually won.”
The new “half-a-millionaire” has until 2pm this Saturday to go to any Betfred shop or phone in at the number 0800-028-4418 to be eligible for the bonus race and a chance to up his or her winnings to £650,000.
May 01, 2012
Betfred bets on online expansion
Fred Done is reportedly considering expanding into eastern Europe. It’s been speculated that Done is also looking to grow his online business in a bid to keep up with the rapidly evolving online sector. He won the North West Ambassador Award at The Business Desk’s North West Business Masters awards last week and said he’d want to move his online business from Gibraltar to the north west if taxation is changed.
The Business Desk reported that Done confirmed the company has been offered a business in eastern Europe, but that the big growth for story is going to be the online business. Over the last three years Betfred has grown 80 per cent, 85 per cent and 60 per cent, but Done said that the online business “should be in this country” rather than in Gibraltar and that taxation has to be changed to allow the company to bring jobs back to where it is based.
Betfred last year acquired The Tote for £265m, the integration for which was completed by January, two months before the initial target was set.
The Business Desk reported that Done confirmed the company has been offered a business in eastern Europe, but that the big growth for story is going to be the online business. Over the last three years Betfred has grown 80 per cent, 85 per cent and 60 per cent, but Done said that the online business “should be in this country” rather than in Gibraltar and that taxation has to be changed to allow the company to bring jobs back to where it is based.
Betfred last year acquired The Tote for £265m, the integration for which was completed by January, two months before the initial target was set.
February 21, 2012
Betfred agree to payout on Barney Curley coup
Betfred have paid out on the 'Barney Curley coup', ending a 21-month dispute that followed a £4 million paper profit landed by five relatives and friends of the Newmarket trainer in May 2010.
Those involved linked four horses in combination bets. Three of the horses, Agapanthus, Savaronola and Sommersturm, were trained by Curley, who had also once trained the fourth horse, Jeu De Roseau, subsequently trained by Chris Grant. The odds on all four tumbled as the coup unfolded, with three horses winning and Sommersturm losing.
UK bookmakers, including Betfred's betting shop division, and some Gibraltar-based online operators, including Ladbrokes and Stan James, paid out but Betfred.com withheld the £823,000 claimed from them, while 888sport withheld a further £29,000, pending an investigation by the Gibraltar Regulatory Authority (predecessor of the Gibraltar Gambling Commissioner).
In a dramatic conclusion, a joint statement issued by the interested parties on Monday announced that Gibraltar’s Gambling Commissioner had “decided to pursue the matter no further”, prompting Betfred’s Gibraltar-based online operation to pay out and the claimants to discontinue their legal action against the Gambling Commissioner. 888sport, although not a party to the settlement, has alsoagreed to pay the bets.
The settlement prohibits the parties from divulging further details or commenting on the agreement, but represents a victory for Curley and the claimants and a blow to the reputation of Gibraltar’s Gambling Commissioner.
Despite a declaration by the BHA that no rules of racing had been breached, and a ruling favourable to the claimants by the Independent Betting Arbitration Service in respect of a related dispute involving Sportingbet, the GRA instructed operators to withhold payment until its own investigation was completed, an instruction withdrawn in February 2011. Betfred decided to wait until the investigation had been concluded.
In a letter dated May 27, 2011, Phill Brear, the GRA’s head of gambling regulation, criticised the BHA’s stance, asserted that the claimants’ behaviour was “fraudulent” and accused Curley and the claimants of orchestrating “a complex and longstanding deceit”.
Five days later, citing Brear’s letter, Betfred voided the bets under a rule stating “Any person or group of persons acting in an attempt to defraud Betfred.com will have their bets voided”.
The claimants responded by applying to the Supreme Court of Gibraltar for a judicial review of the actions and decisions of the GRA, alleging, in part, that Brear was not impartial and had pre-judged the case.
The episode generated unwelcome publicity for Betfred and soured relations between the GRA and BHA. Paul Struthers, at that time the BHA spokesman, stated: “It is not for the GRA to tellus that we are wrong in our interpretation of the rules. This highlights our concerns in relation to offshore betting operators being outside British gambling legislation.”
Given the Gibraltar Gambling Commissioner’s forcefully stated views on the coup, which Brear described as a “fraudulent enterprise”, the settlement represents a reversal for Gibraltar’s regulatory body.
Those involved linked four horses in combination bets. Three of the horses, Agapanthus, Savaronola and Sommersturm, were trained by Curley, who had also once trained the fourth horse, Jeu De Roseau, subsequently trained by Chris Grant. The odds on all four tumbled as the coup unfolded, with three horses winning and Sommersturm losing.
UK bookmakers, including Betfred's betting shop division, and some Gibraltar-based online operators, including Ladbrokes and Stan James, paid out but Betfred.com withheld the £823,000 claimed from them, while 888sport withheld a further £29,000, pending an investigation by the Gibraltar Regulatory Authority (predecessor of the Gibraltar Gambling Commissioner).
In a dramatic conclusion, a joint statement issued by the interested parties on Monday announced that Gibraltar’s Gambling Commissioner had “decided to pursue the matter no further”, prompting Betfred’s Gibraltar-based online operation to pay out and the claimants to discontinue their legal action against the Gambling Commissioner. 888sport, although not a party to the settlement, has alsoagreed to pay the bets.
The settlement prohibits the parties from divulging further details or commenting on the agreement, but represents a victory for Curley and the claimants and a blow to the reputation of Gibraltar’s Gambling Commissioner.
Despite a declaration by the BHA that no rules of racing had been breached, and a ruling favourable to the claimants by the Independent Betting Arbitration Service in respect of a related dispute involving Sportingbet, the GRA instructed operators to withhold payment until its own investigation was completed, an instruction withdrawn in February 2011. Betfred decided to wait until the investigation had been concluded.
In a letter dated May 27, 2011, Phill Brear, the GRA’s head of gambling regulation, criticised the BHA’s stance, asserted that the claimants’ behaviour was “fraudulent” and accused Curley and the claimants of orchestrating “a complex and longstanding deceit”.
Five days later, citing Brear’s letter, Betfred voided the bets under a rule stating “Any person or group of persons acting in an attempt to defraud Betfred.com will have their bets voided”.
The claimants responded by applying to the Supreme Court of Gibraltar for a judicial review of the actions and decisions of the GRA, alleging, in part, that Brear was not impartial and had pre-judged the case.
The episode generated unwelcome publicity for Betfred and soured relations between the GRA and BHA. Paul Struthers, at that time the BHA spokesman, stated: “It is not for the GRA to tellus that we are wrong in our interpretation of the rules. This highlights our concerns in relation to offshore betting operators being outside British gambling legislation.”
Given the Gibraltar Gambling Commissioner’s forcefully stated views on the coup, which Brear described as a “fraudulent enterprise”, the settlement represents a reversal for Gibraltar’s regulatory body.
April 09, 2009
Betfred sponsors World Snooker Championship
Betfred, the independent UK bookmaker, has announced that it is to become the main sponsor of the World Snooker Championship for the next four years. Previously sponsored by online gaming operator 888.com, snooker's most prestigious tournament will now be known as the Betfred.com World Snooker Championship.
The sponsorship deal arrives just in time for the start of the live televised event, which kicks off on Saturday April 18th and finishes two weeks later on Monday May 4th at the Crucible Theatre in Sheffield.
Featuring a host of snooker's top professional players including the likes of defending champion Ronnie O'Sullivan, seven-time winner Stephen Hendry, John Higgins, Steve Davis, Shaun Murphy, and Ali Carter, the tournament is one of the highlights of the sporting calendar.
Last year the tournament received 127 hours of coverage from BBC Sport, with 24.5 million adults watching at least five minutes of consecutive action. It also received extensive coverage around the world with a reach of over 60 million individuals on Eurosport and a peak audience of over 10 million on CCTV5 in China alone.
Announcing the deal, Betfred Founder and Chairman, Fred Done, said: "It's always been an ambition of mine to sponsor a World Championship and this is a competition with so much history. When it comes to snooker this is the pinnacle of the sport and I look forward to watching the world's greatest 32 players."
Sir Rodney Walker, World Snooker Chairman, said: "We are extremely pleased to have entered into a long-term partnership with Betfred.com, which is a fantastic company for our sport to be associated with and again they have demonstrated their support to the benefit of all fans.
"The fact we have been able to secure a four-year agreement within the current economic climate is testament to the popularity of snooker in the UK and internationally. We look forward to working together with Betfred.com to build and develop the sport further over the coming years."
The World Snooker Association has been searching for a new sponsor since August of last year when 888 announced it was pulling the plug on its five year sponsorship deal two years early. The company cited the difficult economic climate for its decision to withdraw.
The sponsorship deal arrives just in time for the start of the live televised event, which kicks off on Saturday April 18th and finishes two weeks later on Monday May 4th at the Crucible Theatre in Sheffield.
Featuring a host of snooker's top professional players including the likes of defending champion Ronnie O'Sullivan, seven-time winner Stephen Hendry, John Higgins, Steve Davis, Shaun Murphy, and Ali Carter, the tournament is one of the highlights of the sporting calendar.
Last year the tournament received 127 hours of coverage from BBC Sport, with 24.5 million adults watching at least five minutes of consecutive action. It also received extensive coverage around the world with a reach of over 60 million individuals on Eurosport and a peak audience of over 10 million on CCTV5 in China alone.
Announcing the deal, Betfred Founder and Chairman, Fred Done, said: "It's always been an ambition of mine to sponsor a World Championship and this is a competition with so much history. When it comes to snooker this is the pinnacle of the sport and I look forward to watching the world's greatest 32 players."
Sir Rodney Walker, World Snooker Chairman, said: "We are extremely pleased to have entered into a long-term partnership with Betfred.com, which is a fantastic company for our sport to be associated with and again they have demonstrated their support to the benefit of all fans.
"The fact we have been able to secure a four-year agreement within the current economic climate is testament to the popularity of snooker in the UK and internationally. We look forward to working together with Betfred.com to build and develop the sport further over the coming years."
The World Snooker Association has been searching for a new sponsor since August of last year when 888 announced it was pulling the plug on its five year sponsorship deal two years early. The company cited the difficult economic climate for its decision to withdraw.
October 31, 2007
In Brief
All Bets Are Off For NFL’s London Debut
In a move that further highlights the National Football League’s vehement and influential opposition to gambling, organisers of Sunday evening’s game between the Miami Dolphins and the New York Giants consented to the NFL’s request that all Betfred’s betting facilities inside Wembley Stadium were closed for the event.
Ruling Party Votes To End Swedish Gambling Monopoly
Moderate Party members voted at their congress last weekend in favour of a proposal to liberalise the country’s gambling market but the Swedish Government still advocates taking a more cautious approach towards regulation.
In a move that further highlights the National Football League’s vehement and influential opposition to gambling, organisers of Sunday evening’s game between the Miami Dolphins and the New York Giants consented to the NFL’s request that all Betfred’s betting facilities inside Wembley Stadium were closed for the event.
Ruling Party Votes To End Swedish Gambling Monopoly
Moderate Party members voted at their congress last weekend in favour of a proposal to liberalise the country’s gambling market but the Swedish Government still advocates taking a more cautious approach towards regulation.
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