Online Casino Seeks Million Euro Approval From Shareholders
Bwin wants new share scheme to be a winning formula for investors
Wednesday 23rd May 2007
Austrian gaming firm and online casino operator Bwin is hoping to secure shareholder backing for a capital rise of up to 16.3 million new shares, generating over €500 million at its AGM.
According to online news service Boerse Express there is speculation that the capital increase will be used to fund the purchase of its UK-based competitor Sportingbet and also finance other similar deals.
In other news, an eight-month wrangle between Bwin and the German state of Bavaria has ended with a Munich court ruling that it was ‘technically not possible’ to prohibit online sports betting.
The court ruling also concluded it would not be possible to stop Bavarian residents from utilising online sports betting services, such as those on offer at Bwin. The state of Bavaria also ‘did not show a single comprehensible and convincing way that sports betting companies can technically implement the ban’, according to a court statement.
Austrian gaming firm and online casino operator Bwin is hoping to secure shareholder backing for a capital rise of up to 16.3 million new shares, generating over €500 million at its AGM.