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Sportingbet Goes All in For Poker Room Buy

Stakes go up in Sportingbet’s as planned foray into the poker world is announced

Tuesday 19th October 2004

It’s truly a measure of unstoppable growth of the online poker sector when a company merely has to announce its intention to enter the market to see its shares go up. But Sportingbet’s declaration that it is currently in ‘advance talks’ to acquire an, as yet, unnamed online poker room has done exactly that. Shares in the wagering group rose by 3p, despite the company’s delay in publishing their recent financial results – a move that would not usual inspire confidence in investors, and the fact that it is still operating at a loss.

Sportingbet has said it interested in purchasing a larger site with a greater existing customer base than their current poker offering, which they would be able to merge together; in the online poker market, more players mean more tables and varieties of games available, which in turn attracts further customers.

Sportingbet said it will be raising equity to finance the transaction.




Source: OnlineCasinoNews