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BETSAFE PRICE RISES FOLLOWING ACHIEVEMENT OF PERFORMANCE TARGETS

Friday September 9, 2011 : Betsson sweetens acquisition price by Euro 15 million
 
Online gambling group Betsafe has boosted its acquisition price in the Betsson deal  by meeting important performance targets.
 
After buying the online casino, poker and sportsbetting operator earlier this year for an initial fee of Euro 34 million in cash and shares, Sweden’s Betsson AB has now agreed to pay the former Betsafe owners a further Euro 15 million in shares in terms of the acquisition agreement.
 
Malta-based and Scandinavian-facing Betsafe increased revenues in 2010 by 119 percent to Euro 25.9 million and reported twelve-month unaudited revenues to the end of May of Euro 33.4 million with an operating profit of Euro 6.9 million.
 
Betsson finalised its acquisition of Artic Invest AS, the holding company for Betsafe, in June and agreed to ante up an additional Euro 27.5 million in cash or shares ‘based on the development of the acquisition and the integration thereof during 2011’ to take the total purchase price to a maximum of Euro 60 million.
 
“Betsafe has reached the targets in 2011 for the additional purchase price amounting to Euro15 million,” a Betsson spokesman said this week. “If conditions are further fulfilled, the remaining part of the additional purchase price, up to Euro 12.5 million, is estimated to be paid up until the end of the first quarter of 2012."
 
Betsson informed interested parties this week that it will be issuing 1,056,403 new Class-B shares at Euro 14.55 each to the sellers of Betsafe, taking its total issued share capital to 41,394,392.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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