Online Casino Style: News - Betshop Sold for 4.4 Million

09/29/2010		Online Casino Style - News: Betshop Sold for 4.4 Million
Home History Games News Dictionary		While the trend for the 2010 year seems to be growth, expansion and acquisition, one major online gambling group has sold off one of their primary brands this week, selling off Betshop with the hefty price tag of £4.4 million. Leisure and Gaming made the sale to Newco, a subsidiary company owned by Grupo Pefaco SL. The latter is a Spanish land and internet casino group, who happily made the purchase, which is waiting now only to be approved by shareholders. The news of the sale hit internet gambling news forums this week, an appropriate reaction to the news in July that shared on the London stock exchange had been suspended for Betshop, a probable indicator for some pending changes to ownership. Betshop had been unable to generate enough funds to justify its status, calling for a move by Leisure and Gaming. L&G’s Board decided that a profitable sale would be the best course of action. How the sale might affect L&G is still unclear, though, as Betshop was their primary brand in the online gambling world. Once the sale has been completed, most assume that instead of acquiring more, L&G will focus their attentions on being a investment firm. The move to Newco will also mean the transfer of Gabriel Chaleplisas well, who has been acting as the director for Betshop. The finances of the deal are rather generous as well, with L&G receiving a minimum of €3.4 million, a number that includes the initial consideration as well as the repayment of some debts outstanding for Betshop. Another €3 million could come their way with time, based on the future performance of the brand, in spite of changes made by Newco. One spokesman said that it was an utterly essential sale, as the online gambling company would not have been able to survive past October.

09/29/2010

Online Casino Style - News:
Betshop Sold for 4.4 Million

While the trend for the 2010 year seems to be growth, expansion and acquisition, one major online gambling group has sold off one of their primary brands this week, selling off Betshop with the hefty price tag of £4.4 million. Leisure and Gaming made the sale to Newco, a subsidiary company owned by Grupo Pefaco SL. The latter is a Spanish land and internet casino group, who happily made the purchase, which is waiting now only to be approved by shareholders.

The news of the sale hit internet gambling news forums this week, an appropriate reaction to the news in July that shared on the London stock exchange had been suspended for Betshop, a probable indicator for some pending changes to ownership. Betshop had been unable to generate enough funds to justify its status, calling for a move by Leisure and Gaming. L&G’s Board decided that a profitable sale would be the best course of action.

How the sale might affect L&G is still unclear, though, as Betshop was their primary brand in the online gambling world. Once the sale has been completed, most assume that instead of acquiring more, L&G will focus their attentions on being a investment firm. The move to Newco will also mean the transfer of Gabriel Chaleplisas well, who has been acting as the director for Betshop.

The finances of the deal are rather generous as well, with L&G receiving a minimum of €3.4 million, a number that includes the initial consideration as well as the repayment of some debts outstanding for Betshop. Another €3 million could come their way with time, based on the future performance of the brand, in spite of changes made by Newco. One spokesman said that it was an utterly essential sale, as the online gambling company would not have been able to survive past October.