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Betfair Looking to Acquire Bluesquare

Friday March 8, 2013 : BETFAIR INTERESTED IN BLUESQUARE?
 
Ailing Rank company could be worth over GBP30 million if it can be sorted out
 
Insider rumours circulating in London Friday are that online gambling group Betfair is negotiating a deal to acquire Blue Square Bet, a currently ailing online sportsbook subsidiary of Rank Group plc.
 
Earlier this year Rank indicated it would be prepared to let the enterprise go if it was offered the right price. The company revealed that it was discussing possibilities with several potential suitors, and noted that it would prefer to consolidate and focus its efforts on its casino and bingo brands, Grosvenor Casino and Meccabingo.
 
InfoPowa readers may recall that Blue Square was the subject of a review by its owners mid-January 2013. Back then a company spokesman said that the sports betting market is highly competitive and Blue Square “...continues to generate an operating loss”.
 
Rank purchased Blue Square in 2003; the company has approximately 120,000 punters and has been promoted with generous advertising budgets. In October last year a GBP 2 million campaign lifted revenues by around 19 percent.
 
However, the British government's proposals to tax online gambling companies at the same rate as retail bookies come December 2014 in a switch to a point-of-consumption tax expected to levy 15 percent on gross profits will impose additional costs.
 
Analysts have predicted that the government’s move will drive smaller operators out of business and lead to further industry consolidation.
 
Rank is currently in the process of completing a GBP 179 million acquisition of 19 of Gala's 23 land casinos

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Gambling News :

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

SOUTH KOREANS BUSTED IN THAILAND ON ONLINE GAMBLING CHARGES - Those detained were named as Jeong Kyujin (35), Han Kyoreh (26), Choi Sung Ming (35) and Bae Jeonghwan (26), all of whom claimed that they had bene hired by a Korean man to operate online gambling sites.

China Lottery Sales Up in 2016 - The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).

New chairman and a new director for 500.com - Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.

Russian betting Sites to face rise in tax rates - Online bookies also pay a 1 percent commission on each transaction through the TSUPIS, and face levies at 5 percent of GGR to assist Russian sports federations.

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