The acquisition will take place through the issue of 21.42 million Betcorp\’s shares to Sinsational shareholders. Betcorp has also agreed to pay $2.5 million in cash to retire Sinsational\’s long term debt.
The Australian company believes the assimilation of Sinsational\’s technology, into Betcorp\’s subsidiary BetWWTS, will generate significant cost savings.
Sinsational Intertainment is a North American focused online sportsbook and casino group, which includes Cybersportsbook, BetBet and CasinoBookie sites.
The group generated revenues of over $200m in 2004.