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IAS acquires 50 percent stake in IBC

Gibraltar-based Internet wagering group finds new parent

Wednesday 14th April 2004

International All Sports Ltd (IAS), Australia's publicly listed bookmaker has announced its acquisition of 50 per cent of Gibraltar-based internet wagering group Internet Betting Co (IBC), which makes a large share of its revenues from soccer betting. IBC recently, reported a profit of 400,000 Euros for its first full year of operations.

'The IBC acquisition furthers our long held ambition to be a significant player in the international wagering market. IAS will provide additional value to the company by providing its expertise in international racing and sports wagering,' said IAS chairman Mark Read.

The two parties have reportedly in a lengthy diligence process the past few months, with the directors of both companies finally executing contracts providing IAS with a 50 per cent equity in IBC earlier this week at undisclosed acquisition price.

IAS said its application for a betting license, made in 1997 to the Northern Territory government, was still being considered, and adds that as a supporter of Australian racing IAS it would ‘prefer an Australian license’.

IBC currently has operations in Europe; through it's subsidiary Swapbets.com, which is not subject to Australian betting exchange licenses. The Internet Betting Company, which was established two years ago by Fernando Orlandi, also the co-founder of European internet wagering company, Eurobet.

Development and integration of communications, member services, IT and databases between IBC and IAS are well underway. IBC expects to be able to offer the expanded Swapbets.com product range, in the next few weeks.




Source: OnlineCasinoNews