Shares in the online betting company have risen sharply after DBS, which became a shareholder in Sportingbet after selling the Sportsbook.com business to the UK bookmaker in July 2001, sold a large stake, fuelling speculation of a takeover bid.
The development came as Sportingbet unveiled strong first-half results helped by the recent acquisition of Paradise Poker.
The group posted a 117% hike at £15.7m in first-half profits. Turnover in the period rose 29.5% at £825.2 million. The company plans to pay its first dividend later this year.
Chief executive Nigel Payne said in an interview that Sportingbet is seeking to make more acquisitions, particularly in the European casino and sports betting sectors.
“This industry will continue to consolidate very quickly and once we\’ve digested Paradise Poker, then for the right deal at the right price we would be back in the market. It would be entirely possible to fund a medium-term deal through cash flow. It\’s not necessarily the case that we would need to dilute the equity base any further.\’\’
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