Sport is made for betting

The Sportingbet bid for Centrebet looks to be signed and sealed now with Australian courts giving approval that it doesn't breach any anti-competition laws. So Ladbrokes choose not to bid on Australia's first online bookie, letting Sportingbet buy them out, so they can then take them over.... Interesting concept - surely someone's paying too much along the line? Centrebet takeover approved by Australian court Sportingbet’s takeover of Centrebet has edged closer after receiving the approval of the Federal Court of Australia. The news follows last week’s announcement that the takeover had received the backing of Centrebet shareholders. In a statement to the London Stock Exchange this morning, London-listed Sportingbet confirmed that the schemes pertaining to the takeover will “become effective” upon the lodging of relevant court orders to the Australian Securities and Investments Commission tomorrow. The suspension of Centrebet shares will follow, with the Australian co...

For years Coral have been a lame duck for online betting - average website, mediocre offers, very little promotion etc. Now it sounds like they've finally worked out the High Street is dying and they'd better catch up to their rivals! Judging by the gaming industry job boards, they are have a decent warchest to hire a lot of new people. Although, if Ladbrokes were never that great online, you have to query why they'd hire their former head of online to lead the way...

Lots going on, but very short of time lately, here's a quick look at what has been going on... Sportingbet are keen to be acquired by Ladbrokes, but the 'Magic Sign' are nervous about SB's activity in Turkey , one of the strongest regions of their business. If Sportingbet are serious about the sale going through, looks like they will have to sell that part of the company. The Betfair share price keeps on tumbling , not even the internal buyback scheme can stop the price sliding, sliding away... The Gold Coast Turf Club is targetting night racing as a way to move themselves up the ladder of Australian racing. Sounds like a positive move, the weather's great up there but when they run their feature Magic Millions Day in January when it is approaching 40C, that's ridiculous. The racecourse does need a serious upgrade to its facilities if they want to become a bigger club, getting into the Friday night rotation of meetings would probably serve them better tha...

A lot to catch up on after my recent time away, here are some of the stories making the news: The Australian Federal Government has promised a review of online gambling and might finally do away with the ridiculous ban on in-play betting online. But then again, they might not... Note the incorrect linking of Serie A matches with match-fixing for betting by the Australian Crime Commission. Full Tilt Poker's licence has been suspended with immediate effect by Alderney regulators. Was it their decision or did the Yanks have a word in their ear? Betfair are searching for a new CEO and analysts admit it is a "potential opportunity for improvement". Financial results for Betfair show profits up but revenue down . Punters are rallying against Betfair's decision to heftily increase the Premium Charge. Check out the Facebook group here. Poland has signed in their draconian gambling legislation banning all firms without a local licence. As a result, some firms, ...

It wasn't much of a secret after rumours broke last night but BetFred have today been named as the successful bidder for the UK Tote. Traditionalists will have a bit of a moan but one bid was based on cold, hard cash; the other was based on a lot of hope which ultimately could have seen racing sink even further into the mire. It still puzzles me why people were so wholeheartedly in favour of a bid team which included the likes of Chris 'one race is fixed in Britain every day' Bell who had no problem with his former firm Ladbrokes operating its phone and online operations offshore to dodge tax and levy. Fred's no saint but he has to be admired for the empire he has built. Betfred named new owners of the Tote BOOKMAKERS Betfred have won the race to buy the Tote and on Friday morning signed a contract with the government to buy the state-owned betting operator for a total of £265 million. Net proceeds will be £180m, which will be split 50-50 between the government an...

Interesting discussion in today's Racing Post about 'plagues' of betting shops in city centres. Councils and residents are getting sick of them, the big bookies love them and can't get enough retail shops. Why I hear you ask? Racing's share of the gambling pound is ever decreasing, more and more punters are betting online and you rarely see anyone in the betting shops that already exist... except standing around the FOBTs (Fixed Odds Betting Terminals) or glorified slot machines. And that's what brings in the profits for the bookies. Racing, football and any other sport they show in the shops are mere sideshow value to the evil machines. Every licensed betting shop in the UK can have four FOBTs (little wonder Irish betting shops are struggling in comparison without them), which have much higher prize limits than pub fruit machines. Sources at the biggest High St firms have told me that they consistently make up to £1m per DAY across their network of outlets ...

Four years after pulling out of a proposed deal because of concerns about US legality, Ladbrokes PLC have confirmed they are in discussions to buy 888 Holdings. It's been a tough few years for 888 who were valued at 240p per share back in 2006, but last week before the announcement were south of 50p (now 56p after peaking around 60p). According to this report though, Sportingbet (who are known to be looking around for merger and acquisition targets after recent talks with Unibet) and Harrah's could be sniffing around as well.... Meanwhile, in other trading news, Goldman Sachs have upgraded their Betfair rating from neutral to buy . Not much conflict of interest there considering they were the investment bank who floated them, and are now probably desperate to save face as the company trades more than £3 below IPO price, and over £5 below the peak during restricted trading.....

Sportingbet Australia are banking on a change to betting in-running laws with this move to develop an IPTV betting platform . Racing provides the lion's share of their business but the big potential for growth is with sports betting. However due to a ludicrous piece of legislation, which is unlikely to be amended during the term of a minority government, you can only bet in-running on a sporting event via a voice call from within Australia. The Queensland govt needs more tax revenue so the easiest way to do that is put more pokies in the casinos . Evil bloody things that should be outlawed but they never will. The politicians hide behind the fact that it's no more for the state, but the fact is these ones will see far higher footfall than hidden away in a suburban pub, equalling more tax revenue and more damage to the moral fabric of Qld society. At least WA continues to resist the urge . The bidding for the UK Tote hots up with a consortium fronted by Martin Broughton lin...

Change this week at Ladbrokes with a major internal reshuffle (a cynic might say of the deckchairs on the Titanic). Relatively new chief exec Richard Glynn has brought in several fresh faces and moved a few old names on. Definitely out with the old, in with the new. Asian bookie 12Bet who have major sponsorships with Sevilla in La Liga and snooker tournaments, will be acquired by Asian online casino and poker firm, AsianLogic , in a move thought to complement their existing range of products. Betfair's share price has taken a predictable tumble, dropping from the peak of around £15.50 during conditional trading to the current £13.95 as smaller shareholders wish to cash in their chips. No reason to think the price will fall much further, it was always going to surge briefly as the public got excited about it. Tabcorp held a record $107m on Tuesday's Melbourne Cup, buoyed by the form of superstar stallion So You Think, who started as the shortest favourite in decades. He...

Ladbrokes have joined the list of UK firms avoiding setting up in France under the current unviable licensing structure. Several firms have simply decided not to waste their time and money in a market which will deliver nothing for several years, and only if/after the French government water down the current prohibitive licensing and taxation structure. The last straw for Ladbrokes was when the French govt decided on top of extortionate turnover tax and sports rights levies, they would also have to pay VAT as well. Unibet however, who have a similar model to Bwin, of taking vast numbers of low-stake bets, are pressing on. The Betfair IPO is off to a good start. Conditional trading has the shares trading at around £15.30, after the initial valuation of £13. Tomorrow is the acid test for them though, when they become available to the public. Betsson is going from strength to strength as live betting pushes their revenues higher. Bwin, Hills and Sportingbet have released similarly h...

Sportingbet started the trend by purchasing No1 Betting Shop from Vanuatu and then moving them to Darwin, Paddy Power got into the act by snapping up Sportsbet and IAS, and then Centrebet started preening their feathers in public trying to woo as many prospective buyers as they could. Anecdotal evidence suggests that several other Australian firms are available to buy, as most of the original owners are approaching retirement age. BWin, William Hill, Ladbrokes, 888 and others were mentioned as prospective suitors for Centrebet but it all seems to have gone very quiet lately. BWin have tied up with Party Gaming which should keep them busy plus neither are shy about attracting Australian customers despite laws against online casino and poker operations; William Hill's online division is 29% owned by Playtech, another company with fingers in many bingo, casino and poker pies which reach Australia either organically or by targetted marketing; Ladbrokes are still involved in the bid f...

A lot of this is bookies boosting their own PR but obviously there is some substance behind it. Any time someone knows the answer before the official announcements are made (Academy Awards, Big Brother etc), then there is always a risk of insider trading. Montgomerie 'on guard' to ensure no Ryder Cup betting coup Gambling fears prompts Europe captain to be wary of telling wildcard contenders decision ahead of announcement. As if Colin Montgomerie hasn't enough to think about in this run-up to making his three picks, the Ryder Cup captain must also be wary of a betting scam staged by "unscrupulous insiders". A source inside the European Tour yesterday revealed the Scot will be "on his guard" to ensure his selections do not leak out before his team announcement here on Sunday night. Montgomerie has said he plans to speak to all the wild-card contenders before the official unveiling, meaning many would inevitably learn of his decision while ...

Not a good week for bookies at Royal Ascot, with favourites and plunge horses landing the chocolates all festival. With only six horses winning at 10/1 or bigger - a very low number considering the size of many of the fields - there was no respite at all for bookies. Only Rite of Passage winning the Gold Cup on Thursday at 20/1 was a surprise result in any of the big races. "Punters have never had it so good. Every single day they've given us a right royal bashing," said Ladbrokes' David Williams. "Thank goodness for the England football team. They are our only salvation in a week of misery for the bookies." "It has been carnage, no other word for it," said William Hill spokesman David Hood. "What is it about Ascot? For some bookies the five consecutive losing days of 2010 will make the infamous Dettori day look like a round of drinks. Totesport told a similar story, with spokesman George Primarolo adding: "Punters have clawed back their...

As mentioned on this blog previously, Centrebet is very keen to be bought out and some of the big boys of the global industry have been sniffing around. William Hill is believed to have bid A$132m for the company according to this report , although the deal is not exclusive. Ladbrokes and Bwin are still evaluating their own bids. Watch the video on that link to hear the comical pronunciation of Bwin by the Aussie 'never been out of Sydney in my life' presenter. How does A$132m stack up? In 2003, Centrebet was bought by SportOdds (the Kafataris family) for A$46.55m, although Jupiters Casino Group did say they wanted an unrealistic A$150m for it at the time. IASBet changed hands last year for around A$60m (after Centrebet posted a hostile bid for about half that amount). The big variation in cost is the value of the AUD vs GBP - back in 2003, the $46.55m was worth less than £20m. Now on the very strong AUD, the A$132m equates to £80m. Still, it sounds about the right sort of pric...

In a week where the SPs for the Grand National were the highest for 20 yrs, and when politicians are talking about forcing tax-dodging bookmakers to pay their share to racing, William Hill chief executive Ralph Topping is rolling out the same tired old argument about layers on Betfair. Has he ever tried laying horses at several points above the SP? It's not a very profitable practice, and the select few who made it work have probably have given up due to the premium charge. Hills and Ladbrokes have moved their online operations offshore for no other reason than to dodge tax and levy - and yet they have the gaul to say Betfair don't pay enough tax? Tax dodgers trying to dob in another firm who they think doesn't pay enough tax.... How about forcing these alleged bookmakers to lay a decent bet to all customers and to get rid of those thieving FOBTs? The compulsion to lay a bet may sound like pie in the sky but there are moves afoot in Australian state government to force bo...

So the French National Assembly have passed the online gambling bill with the remaining procedures before it is implemented merely a formality. But what is actually going to achieve for French punters and foreign companies? It will be slow progress. Those French punters already playing with offshore firms will continue to bet where they do, simply because they will be able to get a better deal. Firms obtaining a French licence may be able to advertise locally, but if the proposed level of taxation and possible sports levies are passed, then firms will have to pass that cost onto consumers. If they don't, it will be a major cost against their bottom line. Firms such as Ladbrokes and William Hill are expected to take a patient approach, expecting the regulations to gradually become more competitive, as is the case in Italy. Companies entering the French market will not be allowed to cover horse racing, one of the most attractive parts of the French betting market, due to government p...

It may not be Bwin after all, as I predicted a few weeks ago, but the news is out in Australia that several different UK suitors are sniffing around the pioneer of online sports betting, Centrebet. Centrebet rockets on takeover talks SHARE investors piled into Centrebet yesterday as three British gaming companies loomed as potential bidders to take over the listed online wagering and gaming company. ... Analysts said Centrebet -- which is 60 per cent owned by the family of its chief executive, Con Kafataris -- was a good fit for foreign companies wanting to get a stake in the Australian market ahead of expected deregulation. British operators Ladbrokes, William Hill and Sportingbet are the reported overseas suitors for Centrebet and some analysts believe the takeover price could reach $2 a share. The Productivity Commission recently recommended a swag of reforms thought to be favourable for growth in online sportsbooks and casinos in Australia. The Australian market is undergoing major...

Haven't got the motivation for a long post, so here are some brief items about what's going on in the world.... Much of my traffic comes from other bloggers - do you fancy getting a free makeover for your blog? Most of us don't have the design skills to do it, but this guy does, and he has some brilliant culinary tips as well - ZestyCook Mark Davies, MD and one of the originals at Betfair, has a laugh about how bookie CEOs just don't get it and keep on giving Betfair free publicity at every opportunity. The Tasmanian government have reacted to Betfair Aus's idle threats about moving interstate (or was it rumours of other govts luring them) by offering more tax breaks to sustain employment in the Apple Isle. Leading Australian jockey Danny Nikolic could be deep in the brown stuff if the latest stewards investigation into suspicious betting activities on Betfair uncovers any concrete evidence. I'm a big fan of Nikolic, there is no Australian jockey I'd rath...

Just a fortnight ago, I reported on Centrebet touting itself for a sale . Where there's smoke there's fire they say, and word is coming from good sources that the company is about to be swallowed up by the global giant Bwin. Expect both companies to keep tight-lipped about it until they have to release it to their respective shareholders and stockmarkets. PartyGaming had been sweet-talking Bwin for sometime about a merger, does this mean they will go back to chasing Ladbrokes again? Interesting times in the gambling world. You heard it here first.

Could Con Kafataris and family, majority owners of Centrebet, be ready to sell up and get out of the bookmaking business? This report seems to think so: Centrebet keen to join forces BOOKMAKER Centrebet has confirmed it is looking to buy a competitor or be taken over after its surging share price drew a speeding ticket from the stock exchange. The ASX yesterday asked Centrebet to explain a 21 per cent increase in its share price -- from $1.32 at close of trade last Wednesday to a high of $1.60 during trade yesterday. ... Several potential buyers are reported to be circling Centrebet, with controlling shareholders the Kafataris family said to be willing to sell their 60 per cent stake if the price is right. ... Centrebet has reportedly been eyeing some of the industry's smaller players, while global operator Ladbrokes is said have considered making a bid for Centrebet. Centrebet shares closed yesterday up 8.57 per cent at $1.54. Interesting developments. Centrebet can't get a lo...