Betcorp preparing to buy Antiguan sportsbook

From eGamingReview:

<TABLE height=291 cellSpacing=0 cellPadding=10 width="100%" border=0><TBODY><TR><TD vAlign=top>[font=Arial, Helvetica, sans-serif]Betcorp, the Australian parent company of BetWWTS, is in advanced negotiations to acquire an Antigua-based sportsbook and casino firm for US$6.15m. [/font]</TD></TR><TR><TD height=17>[font=Arial, Helvetica, sans-serif]The takeover target was not named by the firm, but us reported to have an annual turnover of US$200m and a predominately recreational player base.


It has a reported pre-tax profit of US$1.1m in 2004, but Betcorp said it expected a far higher contribution in 2005.

There are only a few sportsbooks with casinos licensed in Antigua including the Sportingbet and BetonSports groups.

However, the two most likely contenders are Intertops and Cybersportsbook.

The acquisition of a predominately recreational sportsbook fits in with Betcorp’s previously stated desire to move away from high roller punters.

Betcorp said only 10% of the takeover target’s clients had an account with BetWWTS.

The firm, which returned to profitability in the fourth quarter of 2004, has raised an additional US$3.5m though a private placement to fund the deal.

It also updated 2005 forecasts, and said it expected to net a US$5.5m pre tax profit for the year.

Betcorp also said it would continue to explore further acquistion opportunities during 2005

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wwts = the most overated sportsbook on the net.why anyone would play there is a focking mystery.

That's an opinion mike. But what i really find interesting is what these negotiations mean for the industry.

Wild Bill, Fezzik, Parlay-This and other respected authors in this industry have spoken about an on-going process of consolidation in the past... and we can see it now more than ever.

I believe the negotiations conducted by BetWWTS in this regard are simply part of the consolidation process reigning in the industry nowadays. The fact alone that Betcorp also said it would continue to explore further acquistion opportunities during 2005 would indicate this is not an isolated event, but it will rather be a sustained effort by the largest gaming conglomerates and groups. In this environment, newly launched operations will need a tremendous amount of resources to be able to stay competitive in a market dominated by consolidated giants, such as WWTS, Pinnacle, Olympic, CRIS, Hollywood and others.

What does this mean to the player?

I'd strongly recommend to inexperienced players to stay away from newly launched operations. While every one was once a new kid on the block; in this time and day, a new sportsbook needs some major investment before seeing any return.

The marketing venues are becoming less and more restricted and it's hard for a new company to reach recreational players.

Time-tested operations are definitely the way to go.

I also believe that this brings an unvaluable opportunity for expansion for a plan like the one offered by OGD, where players' funds are protected and guaranteed. More venues should start looking to emulate this plan.

Any new operation would be able to get exposure in the market, while the player's risk is reduced significantly.

I am a real fan of WWTS FWIW. All other opinions are respected though.

Having money at WWTS means....:bed:

If it is Cybersportsbook, then we all know what crooks those Tarter boys are and will be...anyoen who buys there operations is asking for nothing but trouble.

There are any threads on this forum related to the actions and bad reputation that Cybersportsbook has....

My sources tell me that BetCorp decided to go after Cyber since they felt there was some value, but the current management would go..and this comes from a former employee still friends with some people on the inside.

I think money would be well spent elsewhere.

Cyber is owned by Sinsational Intertainment Inc...their into porn, gambling,webhosting, the whole 9 yards. plus i doubt that dump is worth 6 mill. which by the way is to cheap to be Intertops...plus the story is not right about only a few books are licensed there, there are quite a few at least carrying a license and many more in operation.

ProPokerPlayer;

Sportsbetting.com perhaps?

hard to believe for me, though, that sportebetting.com is that big