Sportsbet.com.au is a solid Australian book catering for Aussies which is now majority owned by Paddy Power.
Sportsbet currently holds 20% IASbet and bidding for 100% ownership of International All Sports.
This will give Paddy Power a huge stake in the Australian market.
The International All Sports value of A$40mill might explain why they were prepared to sell Canbet recently for $1mill.
By Pat Boyle
Irish Independent
Thursday June 04 2009
Paddy Power Plc said its new Australian affiliate SportsBet Pty has agreed to buy out a further 80pc shareholding in the Australian online bookmaker, International All Sports Ltd, to give it complete control of the group.
Sportsbet, which already holds about 20pc of International All Sports (IAS), is offering 60c a share for the stock, valuing the company at A$40m (€23.5m). Paddy Power will provide maximum funding of $16.3m for the purchase.
Paddy Power chief executive Patrick Kennedy said founder Mark Read and his family "have built an excellent Australian business which complements SportsBet, and their combination creates by some distance the largest corporate bookmaking business in Australia.
"This acquisition underpins the potential of SportsBet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market."
Goodbody analyst Killian Murphy described it as "a strong deal for the company as the relaxation of gambling legislation in Australia, notably advertising restrictions, has created an extremely attractive growth market".
Wager
He said that evidence of this can been seen from SportingBet's third quarter results where the number of "internet wagers increased by 61pc quarter on quarter".
He said the standout performer in IAS's portfolio is IASbet, which has consistently achieved earnings growth.
Paddy Power, Ireland's largest bookmaker, bought a 51pc stake in SportsBet last month to expand into Australia's gambling market. IAS offers bets on racing and sports over the internet and by telephone. Paddy Power rose 6c, or 0.4pc to €17.26 in Dublin after it announced the deal.
Sportsbet currently holds 20% IASbet and bidding for 100% ownership of International All Sports.
This will give Paddy Power a huge stake in the Australian market.
The International All Sports value of A$40mill might explain why they were prepared to sell Canbet recently for $1mill.
By Pat Boyle
Irish Independent
Thursday June 04 2009
Paddy Power Plc said its new Australian affiliate SportsBet Pty has agreed to buy out a further 80pc shareholding in the Australian online bookmaker, International All Sports Ltd, to give it complete control of the group.
Sportsbet, which already holds about 20pc of International All Sports (IAS), is offering 60c a share for the stock, valuing the company at A$40m (€23.5m). Paddy Power will provide maximum funding of $16.3m for the purchase.
Paddy Power chief executive Patrick Kennedy said founder Mark Read and his family "have built an excellent Australian business which complements SportsBet, and their combination creates by some distance the largest corporate bookmaking business in Australia.
"This acquisition underpins the potential of SportsBet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market."
Goodbody analyst Killian Murphy described it as "a strong deal for the company as the relaxation of gambling legislation in Australia, notably advertising restrictions, has created an extremely attractive growth market".
Wager
He said that evidence of this can been seen from SportingBet's third quarter results where the number of "internet wagers increased by 61pc quarter on quarter".
He said the standout performer in IAS's portfolio is IASbet, which has consistently achieved earnings growth.
Paddy Power, Ireland's largest bookmaker, bought a 51pc stake in SportsBet last month to expand into Australia's gambling market. IAS offers bets on racing and sports over the internet and by telephone. Paddy Power rose 6c, or 0.4pc to €17.26 in Dublin after it announced the deal.
