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Embattled online gambling group Leisure and Gaming has announced that it is to sell its Betshop subsidiary, which includes Betshop.com, Betshop.gr and Betshop Italia.com in addition to land retail betting shops in Italy and Cyprus.
L&G has been suffering from cash flow difficulties which resulted in trading on the AIM exchange being suspended in May this year.
Thanks to a Euro 300 000 loan facility, the company has enough steam to keep going for another two months, which should be sufficient time to effect a sale, it said in a statement this week.
The World Cup football betting in June and July provided little relief, because L&G had to limit its risk of betting losses due to a weak cash position, which resulted in a net win below that anticipated.
The company recorded gross gaming revenues of Euro 34.7 million for Q2/2010 with net win of Euro 4.4 million, down 15 percent on the previous year. Gross profit declined a worrying 50 percent to Euro 600 000.
Poker Maximus comes to Lock Poker -
2.9.2012 : Kicking off on Sunday March 4th there will be a minimum of 3 events every single day finally wrapping up on the March 25th with a $200,000 Guaranteed Main event.
New game a football betting first claims company -
02/09/2012 : The UK Football League's exclusive data distributor, SIS, has in collaboration with Contagious Sports launched a new pool-based game which will for the first time allow bettors to bet into an in-running pool on live football matches to win jackpots.
VERNONS LAUNCHES UK MEDIA CAMPAIGN -
02/09/2012 : Vernon's recently launched British-facing online casino and poker room Vernons is launching an extensive television and social media campaign to capture a bigger slice of the market by creating brand awareness.
SECOND HEARING FOR UK ONLINE GAMBLING REFORM BILL -
02/09/2012 : A bill covering the taxation of offshore bookmakers introduced by Conservative MP Matthew Hancock was heard in the House of Commons earlier this week and has been given a second reading scheduled for March 30, 2012.
BETCLIC FILES COMPETITION COMPLAINT AGAINST PMU -
02/09/2012 : Online gaming company Betclic has filed a claim of unfair competition against Pari Mutuel Urbaine with the French Competition Authority, according to French journal Les Echos.
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