The parent company of VIP Sports has acquired the London-based bookmaker for a consideration of between EUR 16.8m and EUR 45.5m depending on performance over the next three years.
UPDATE: BetShop, which holds gaming licenses in the UK and Curacao, operates two online bookmakers in 8 European languages as well as over 600 betting outlets in Italy, operating under the BetShopItalia brand name. The company also operates the GoalsLive.com online sports information and results portal. An overview of the company\’s key financial indicators for 2004/5 showed a total group turnover in excess of EUR 100 million.
Gabriel Chaleplis, former Marketing Director of Eurobet and founder of BetShop, has been reconfirmed as Chief Executive of the company, which will be renamed BetShop Group Europe.
“Through the acquisition of BSG we substantially strengthen our European offering and further diversify our global revenues, in line with our stated strategy. In addition to acquiring Italy\’s largest independent network licensed sports betting group, the transaction will be earnings enhancing in its first full year and provides Leisure & Gaming with the European management team and foundation business to realise our objectives in the European interactive gaming market,” commented Alistair Assheton, Chief Executive of Leisure & Gaming.
Earlier last week, Leisure & Gaming appointed Josh Joshi as its new Finance Director with immediate effect. “We are delighted Josh is joining the board and look forward to working with him. He brings with him solid plc experience, particularly in merger and acquisition activity and investor relations, and will play a key role in driving Leisure & Gaming’s growth through organic and acquisitive growth in the online gaming market,” commented Alistair Assheton, Chief Executive of LNG.
Elsewhere, Fairground Gaming Holdings announced the completion of the acquisition of The Spin Palace Group. The initial consideration payable comprises a cash payment of $10 million and the issue of 9,100,100 ordinary shares and 17,294,707 warrants to subscribe for ordinary shares in FGH. Commenting on the acquisition, Fairground Gaming\’s Chief Executive Evan Hoff said: “The acquisition of The Spin Palace Group represents the first step towards implementing our strategy of consolidation, which was outlined when we first admitted to AIM in October 2005. We continue to have discussions with various companies to determine whether they fit our investment criteria.”
Inspired Gaming Group has completed the acquisition of Red Vision for £3.3 million plus further payments depending on performance. Red Vision, which is a UK-based specialist of computer generated imagery, provides virtual sports content, such as virtual virtual football, horse and greyhound racing, to Coral Eurobet, Ladbrokes, William Hill and BSkyB. IGG plans to extend Red Vision\’s virtual sports products into other broadcast media.
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