IASbet remains for sale

Despite recent press reports claiming that IASbet had been withdrawn from sale, the board of International All Sports, while announcing the 2008 results, said it will continue to review independent external approaches seeking to acquire the shares or assets of the Australian bookmaker.
IAS, which earlier this year received unsolicited approaches by potential buyers, said none of the expression of interest for the business would have been in the best interests of the company or its shareholders because of the price offered or the conditions being sought by the prospective purchasers.
International All Sports also stated that the Canbet business in 2008 failed to generate an acceptable revenue margin due to a combination of software malfunctions, inexperience in product management and a new client database dominated by professional players. Canbet.com also incurred significant costs to refocus the business and enter new Asian markets.

Date published: 26 November 2008

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