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BETTING: Enic buys online bookmaker
By Matthew Garrahan
Enic, the British entertainment, sports and media group said on Tuesday it had acquired ukbetting.com, the internet bookmaker for £500,000 ($749,000).
The online bookmaker was launched in August 1998 and has more than 3,400 customer accounts. At its most recent financial results the company generated revenues of £3.4m in the year to August 31 1999.
"If you gave any bookmaker the opportunity to acquire 3,500 clients for £500,000, they would find it a very attractive proposition," said Daniel Levy, Enic managing director.
Last year, Enic bought 25.1 per cent of Victor Chandler's internet bookmaking business with the aim of buying the entire group upon completion of due diligence. Mr Levy said the company aimed to build a global betting brand.
"Enic's overall objective is to build an international online gaming operation across a range of corporate activities," added Mr Levy.
He added that the company had no immediate plans to enter the US market. This month Sportingbet.com, the Channel Islands-based bookmaker, acquired Betmaker.com, a Costa Rica-based internet gambling site, in a deal worth
about £15m with the aim of tapping into the US market.
The US online gambling market is the subject of intense regulatory debate. A bill by Senator Jon Kyl of Arizona to ban online betting has cleared the Senate and is awaiting approval by the House of Representatives.
"The US position is clearly an uncertainty and until the legal position is resolved we will not make any strategic decisions," Mr Levy said.
By Matthew Garrahan
Enic, the British entertainment, sports and media group said on Tuesday it had acquired ukbetting.com, the internet bookmaker for £500,000 ($749,000).
The online bookmaker was launched in August 1998 and has more than 3,400 customer accounts. At its most recent financial results the company generated revenues of £3.4m in the year to August 31 1999.
"If you gave any bookmaker the opportunity to acquire 3,500 clients for £500,000, they would find it a very attractive proposition," said Daniel Levy, Enic managing director.
Last year, Enic bought 25.1 per cent of Victor Chandler's internet bookmaking business with the aim of buying the entire group upon completion of due diligence. Mr Levy said the company aimed to build a global betting brand.
"Enic's overall objective is to build an international online gaming operation across a range of corporate activities," added Mr Levy.
He added that the company had no immediate plans to enter the US market. This month Sportingbet.com, the Channel Islands-based bookmaker, acquired Betmaker.com, a Costa Rica-based internet gambling site, in a deal worth
about £15m with the aim of tapping into the US market.
The US online gambling market is the subject of intense regulatory debate. A bill by Senator Jon Kyl of Arizona to ban online betting has cleared the Senate and is awaiting approval by the House of Representatives.
"The US position is clearly an uncertainty and until the legal position is resolved we will not make any strategic decisions," Mr Levy said.