Party Poker considering opening/buying a sportsbook!!!

[JoshW]

PartyGaming plans sports betting bid
Thu Jun 29, 2006 12:37 PM BST
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LONDON (Reuters) - PartyGaming plans to raise $400-500 million (221-276 million pounds), part of which could be used to fund the acquisition of a sports betting operation, a source close to the situation said on Thursday.

The source did not name the potential bid target, but The Guardian newspaper said on Thursday that PartyGaming was eyeing betting sites Gamebookers and Sweden's Unibet.

PartyGaming (PRTY.L: Quote, Profile, Research) declined to comment, but it has long been urged by analysts to stabilise its revenues by buying a sports betting operation.


The group has signalled an interest in diversifying through acquisitions, but has always ruled out the possibility of buying any group that takes sports bets from the United States, where its legality remains ambiguous.

PartyGaming shares rose 2.6 percent to 116-1/2 pence by 12:22 p.m., valuing the group at close to 4.7 billion pounds.

http://today.reuters.co.uk/news/NewsArticle.aspx?type=stocksNews&storyID=2006-06-29T113723Z_01_NOA940496_RTRUKOC_0_LEISURE-PARTYGAMING.xml

[bigboydan]

this was being rumored for a while now.

[moses millsap]

First ever sportsbook run by bots. Sweeeeet.

[McBa1n]

I bet their lines will be just as juicy as bodog!
*cough* not. Hehe, that's a sad statement, too.
It's a good move for them - they are masters at taking 'donk' money.

[JoshW]

Poker site to place big bet on rival
Matthew Goodman



THE world’s largest internet poker company, Party Gaming, is in talks to acquire Gamebookers, the online sports-betting company, for about £50m.
A deal would be the first acquisition for Party Gaming since it floated a year ago. An announcement could be made in the next two or three weeks.



Gamebookers, founded in 1998, is currently owned by Trident Gaming, an Isle of Man-based firm which also controls Betbug, a person-to- person betting site. It bought Gamebookers in July 2005.

Last week, Party Gaming raised a $500m (£270m) debt facility to help it finance a series of acquisitions. It is known to be eyeing a number of potential deals, of which Gamebookers is likely to be the first.

While this debut deal is relatively small for Party Gaming, which has a market value of £4.6 billion, it will allow the company to diversify its business away from America, which accounts for more than three-quarters of its turnover. Gamebookers does not take bets from American customers.

Internet poker remains a legal grey area in the US. Conservative politicians there are working hard to try and ban online gaming, including poker. Only sports betting is explicitly deemed illegal.

As well as poker, Party Gaming already offers bingo, backgammon and casino games. Moving into sports betting is the logical next step.

Gamebookers is licensed in Antigua, but also has a UK bookmakers’ permit. Party Gaming is regulated by Gibraltar.

The owners of Nordicbet.com, a Swedish gambling site that also offers poker and casino games, have hired advisers to explore strategic options. The business, said to be worth about £50m, could attract interest from the likes of Party Gaming and 888 Holdings.

http://www.timesonline.co.uk/article/0,,2095-2252453,00.html

[RickySteve]

Only sports betting is explicitly deemed illegal.

False.