Skip to main content

Sportingbet chasing Centrebet

News this morning that another company is set to launch a bid for Centrebet, the first Australian bookmaker to bet online back in 1997. It has been mentioned here before that the Kafataris family are keen to cash in, but previous interests from European firms have hit a brick wall - perhaps because of issues with Australian government bans on online poker and casinos. Sportingbet have already conquered those restrictions by having a highly successful Australian operation (after they purchased the previously Vanuatu-based No.1 Betting shop) run independently from the main UK base. Sportingbet CEO Andy McIver has long dismissed poker as a 'fad' so it was hardly a sacrifice on that front. Centrebet run casino and poker operations for anyone based outside of Australia.

Sportingbet in talks to buy Australian peer Centrebet

May 11 (Reuters) - British online gaming firm Sportingbet is in advanced talks to buy Australia's Centrebet International Ltd for about A$175 million ($189.6 million) in cash to further expand its presence in the country.

The offer price at A$2 per share represents a 25 percent premium to Centrebet's Tuesday close.

Sportingbet said it expected the acquisition to add to its earnings in the first full year post integration.

"An acquisition would accelerate Sportingbet's strategy of increasing its exposure to regulated markets and of geographic diversification," Chief Executive Andrew McIver said in a statement.

In February, Sportingbet reported an increase in second-quarter earnings as strong growth in Australia and emerging markets offset weakness in Europe.

Centrebet, which offers up to 6,000 international sports and horse racing markets per week, reported a first-half net profit of A$1.8 million, down 70.6 per cent from last year.

Sportingbet shares were up 3.3 percent at 47.5 pence at 0705 GMT on the London Stock Exchange, while those of Centrebet closed up 12.6 percent at A$1.79 on Wednesday on the Australian Stock Exchange.


The market continues to consolidate while smaller operations are just getting left behind....

Comments

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2019

We're back again for the greatest race on turf, the world's richest staying race and the only race in the world which creates a public holiday for millions of locals.




Once again a fine international field has been assembled and it's worth a deep look at the race. So get a cuppa and find a comfortable seat to plough your way through my preview!

--------------------------------

The Lexus Melbourne Cup
Group 1, Handicap, 3200m
AUD 7,750,000
Flemington 1500 local, 0400 GMT
Broadcasters - Network 10 (AUS), Racing.com (worldwide), SkySportsRacing (UK)


1. Cross Counter
Trainer - Charlie Appleby (one previous Cup win)
Jockey - William Buick
Breeding - Teofilo - Waitress
Drawn 5, Weight 57.5kg

Last year's impressive winner who doesn't get the 3yo weight advantage this time. Won first up at Meydan in March but has run fourth, third, fourth in the big set weights staying races in England and Ireland, never quite making it as the next big staying star. While running close behind Stradivar…

hope for investors in the Centaur scandal?

In a breaking story, it has been reported that directors of the failed sports investment fund Centaur have had their assets frozen in order to repay investors. It is believed that managing director Keith Sobey skipped town trying to avoid prosecution however he either naively thought Ireland was a safe enough place to hide or had a lingering feeling of guilt and sat waiting for that knock on the door.

Sobey, the name behind Centaur (read the original story here), is believed to own four houses, worth more in total than the missing £1.6m. His willingness to sell them to repay investors is likely to keep the matter out of the courts, and at least one other director, Andrew Cork, will apparently follow suit.

All this adds weight to anecdotal evidence that the collapse of the fund came down to mismanagement rather than fraudulent deeds. As costs grew (why would you set up a training academy in central London?), margins evaporated and keeping the business afloat went through money like a…