Online Casino Transfer: News - Paddy Power Expansion

02/26/2010		Online Casino Style: News Paddy Power Expansion
Home History Games News Dictionary		The online gambling community has been more than a little alarmed at the progressions in recent weeks regarding the proposed censorship program in Australia, with many internet casino companies wondering what the proposal, should it become law, will mean for the industry. For now, the largest states on the continent-nation have relatively friendly laws for online casinos, but should that shift with a national ban on the market because of censorship, investments could very well turn out to be a huge waste of finances. Paddy Power, the Irish powerhouse for the internet gambling world, seems to have no such concerns as they announced this week that they are actually working to expand their presence down under with additional share purchases in the Sports Bet Australian Pty Ltd firm. An additional 9.8 percent of the internet gambling company was purchased by Paddy Power, increasing their stake to a total of 60.8 percent ownership, and giving them a clear majority. The sale was made by Nambawan Capital, to the tune of $11.57 million. Paddy jumped on the opportunity, taking full advantage of a clause built into their May 2009 clause, allowing them to make further ownership buys if they so chose. According to a recent report by Business Week, one of the first sources to confirm the expansion, the net worth of Paddy Power’s shares in Sports Bet Australian equal about $56.24 million. Though they’ve yet to take advantage of their controlling interests in the firm, the changes in the political arena and possible lobbying decisions that will need to be made as the year continues might alter that silence. As it stands, Sports Bet remains a potential candidate for whole take-over by the Irish gambling company. The remaining shares – totaling about 39.2 percent of Sports Bet Australia – remain in status quo, subject to existing transaction arrangements. Paddy Power doesn’t have the option to expand any further in the slow acquisition until 2012, or 2013, after which time they will then again have the option to purchase any remaining interest.

02/26/2010

Online Casino Style: News
Paddy Power Expansion

The online gambling community has been more than a little alarmed at the progressions in recent weeks regarding the proposed censorship program in Australia, with many internet casino companies wondering what the proposal, should it become law, will mean for the industry. For now, the largest states on the continent-nation have relatively friendly laws for online casinos, but should that shift with a national ban on the market because of censorship, investments could very well turn out to be a huge waste of finances.

Paddy Power, the Irish powerhouse for the internet gambling world, seems to have no such concerns as they announced this week that they are actually working to expand their presence down under with additional share purchases in the Sports Bet Australian Pty Ltd firm. An additional 9.8 percent of the internet gambling company was purchased by Paddy Power, increasing their stake to a total of 60.8 percent ownership, and giving them a clear majority. The sale was made by Nambawan Capital, to the tune of $11.57 million. Paddy jumped on the opportunity, taking full advantage of a clause built into their May 2009 clause, allowing them to make further ownership buys if they so chose.

According to a recent report by Business Week, one of the first sources to confirm the expansion, the net worth of Paddy Power’s shares in Sports Bet Australian equal about $56.24 million. Though they’ve yet to take advantage of their controlling interests in the firm, the changes in the political arena and possible lobbying decisions that will need to be made as the year continues might alter that silence. As it stands, Sports Bet remains a potential candidate for whole take-over by the Irish gambling company.

The remaining shares – totaling about 39.2 percent of Sports Bet Australia – remain in status quo, subject to existing transaction arrangements. Paddy Power doesn’t have the option to expand any further in the slow acquisition until 2012, or 2013, after which time they will then again have the option to purchase any remaining interest.