International All Sports acquires a majority stake in Austote

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The Chairman of International All Sports Limited, Barry Coulter, announced that IAS has agreed to buy 76% of Austote for an initial consideration of A$250 000 and a further amount of A$250 000 after twelve months.

Austote, which holds a Norfolk Island license, accepts sports bets as a bookmaker and horse races bets on a pari-mutuel basis. The company has been in operation for approximately 12 months and already has a firmly established business and clientele.

“IAS will now have the opportunity to further expand its product range and to be able to compete with totalisators in a manner that has not been possible in the past,” said Mr. Coulter.

This acquisition follows the successful merger of International All Sports with Canbet, the issue of a sports bookmaking license by the Northern Territory Government to Canbet and the granting of a Betting Agreement (Macau horse racing) by the Macau Jockey Club and the Macau Government.