SportingBet Plc announces $297.5 million acquisition of ParadisePoker.com
Thursday 28th October 2004
Sportingbet Plc, the world’s largest publicly traded online gaming company, has finally officially announced the acquisition of ParadisePoker.com, following a week of speculation. The deal, worth $297.5 million, will bring Sportingbet’s customer base to in excess of two million. ParadisePoker.com is the world’s third largest online poker room with over 721,000 registered customers, 97,000 active players and a market share of around 10 percent. In August and September 2004, Paradise was taking in $6.6 million and $7.0 million respectively.
“Sportingbet’s acquisition of ParadisePoker.com has a significant impact on both our company and the online betting, gambling and gaming market,” said Alex Czajkowski, marketing director, Sportingbet Plc Americas Region. “Like Sportingbet’s Sportsbook.com, ParadisePoker.com is a strong brand with a large and loyal customer base.”
Sportingbet already operates more than 30 brands in 200 countries and today reported turnover of $2,620 million with an operating profit before goodwill and exceptional costs of $39.57 million for the 16 months to July 31, 2004. Founded in 1998, Sportingbet is listed on the London Stock Exchange.