Online Casino Transfer: News - Betshop to Go Up for Sale

08/15/2010		Online Casino Style: News Betshop to Go Up for Sale
Home History Games News Dictionary		While a few of the most powerful internet gambling brands are celebrating this week the positive results of their second quarter rallies, one company is lamenting that they are not yet where they should be in terms of either growth or revenue, as the final numbers for L & G come in, forcing their management team to take some drastic measures to stay afloat. According to the most recent concession by the company, the online gambling group Leisure and Gaming has confirmed that they will be placing their Betshop subsidiary company up for sale, putting on the market brand names such as Betshop.com, Betshop.gr, and Betshop Italia.com in addition to their live venues throughout both Cyprus and Italy. The announcement is only the latest piece of bad news for the company, coming too close for comfort from May’s announcement that they had to suspend trading on the Aim betting exchange due to hard times. Cash flow difficulties continue to plague the firm, and the recent acquisition of a €300,000 loan will buy them another 2 months at least of operation, the future is not looking bright in a tough industry, filled with competitors doing much better than Leisure and Gaming currently is. The two months will be enough, however, for them to sell Betshop, which is one of the more stable brands associated with the L&G family. While the company had hoped that the high volume of bets that the South African-based World Cup would bring in over the summer months, the football tournament actually did little in terms of helping the corporation with their profits, as they had to keep their odds at a stable (read: high) level, avoiding risk because of their tight cash situation. Not able to offer the best odds, Betshop lost much of their members’ business to other offshore internet gambling sites, resulting overall in a much lower net win than anticipated. Their second quarter numbers have caused more investors to run for the hills, with gross gaming revenues coming only to €34.7 million through the end of the second quarter this year. Net win was down 15 percent as well, coming only to €4.4 million. Gross profits was by far the most alarming statistic, down 50 percent to €600,000.

08/15/2010

Online Casino Style: News
Betshop to Go Up for Sale

While a few of the most powerful internet gambling brands are celebrating this week the positive results of their second quarter rallies, one company is lamenting that they are not yet where they should be in terms of either growth or revenue, as the final numbers for L & G come in, forcing their management team to take some drastic measures to stay afloat. According to the most recent concession by the company, the online gambling group Leisure and Gaming has confirmed that they will be placing their Betshop subsidiary company up for sale, putting on the market brand names such as Betshop.com, Betshop.gr, and Betshop Italia.com in addition to their live venues throughout both Cyprus and Italy.

The announcement is only the latest piece of bad news for the company, coming too close for comfort from May’s announcement that they had to suspend trading on the Aim betting exchange due to hard times. Cash flow difficulties continue to plague the firm, and the recent acquisition of a €300,000 loan will buy them another 2 months at least of operation, the future is not looking bright in a tough industry, filled with competitors doing much better than Leisure and Gaming currently is.

The two months will be enough, however, for them to sell Betshop, which is one of the more stable brands associated with the L&G family. While the company had hoped that the high volume of bets that the South African-based World Cup would bring in over the summer months, the football tournament actually did little in terms of helping the corporation with their profits, as they had to keep their odds at a stable (read: high) level, avoiding risk because of their tight cash situation. Not able to offer the best odds, Betshop lost much of their members’ business to other offshore internet gambling sites, resulting overall in a much lower net win than anticipated.

Their second quarter numbers have caused more investors to run for the hills, with gross gaming revenues coming only to €34.7 million through the end of the second quarter this year. Net win was down 15 percent as well, coming only to €4.4 million. Gross profits was by far the most alarming statistic, down 50 percent to €600,000.