The mobile gaming developer raised £4.1 million before expenses and will be capitalised at approximately £13.7 million
Probability\’s casino, bingo and lottery games are currently available to over 1,000 models of mobile phone and do not require players to have access to a PC internet connection to register, pay or play. According to an independent research, the market for mobile phone gambling will be worth $16 billion in 2008.
Elsewhere, FUN Technologies announced the acquisition of CDM Fantasy Sports, a fantasy baseball provider which will complement FUN\’s existing fantasy products. Following the acquisition of CDM, FUN is now the largest pay-to-play fantasy sports operator in North America. In 2005, CDM recorded unaudited revenue of $8 million and earnings before tax of approximately $1 million. The overall consideration to the sellers of CDM includes an initial $5 million in cash and shares, plus future payments based on performance targets not exceeding a further $5m.
Lorne Abony, CEO of FUN, commented: “By acquiring CDM, FUN is now the leading fantasy sports operator in the U.S., with strengths in both of the major fantasy sports – baseball and football – and across product type. CDM is a highly synergistic acquisition for FUN; through consolidation with our existing fantasy sports business we intend to create significant operating efficiencies and scale opportunities. Fantasy sports are growing, and we believe that this is the optimal moment to consolidate the sector and create an industry leader.”
Earlier this week, FUN Technologies announced that its wholly owned subsidiary, Fanball UK, has launched its first-ever Fantasy Football Challenge for the Premiership. FUN also announced an exclusive partnership with BSkyB to deliver Fanball UK\’s Fantasy Football Challenge to Sky Sports\’ users.
“The excitement around Fanball\’s World Cup fantasy game proves that sports fans are passionate about being a part of football action through fantasy sports games,” said Abony. “We\’ve adapted our World Cup game to deliver the most sophisticated series of fantasy sports games in the UK, giving consumers a variety of game options and the largest cash prize pool ever awarded.”
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