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GAMING VC IN LATIN AMERICAN ACQUISITION
AIM-listed Gaming VC Holdings S.A. has announced the acquisition of the business and assets of betboo.com, an online gambling site formerly owned by Intera NV, for an initial consideration of US$4 million in cash plus a three-year earn out.
Betboo was established in 2005 to provide Bingo, Sportsbook, Casino and Poker access to South American customers. Parent group Intera was incorporated and is regulated under the laws of the Netherlands Antilles.
Betboo has over 3 000 active monthly customers and, for the 12 months to 30 June 2009, generated unaudited revenues of $4.4 million achieving break-even at the profit level. The business has no employees, instead having service contracts with third party companies supplying Customer Relationship Management and IT support. The business has its own software for Bingo and Sportsbook and uses third-party software for the Poker and Casino networks.
The senior management team, comprised of the three people who were also the majority owners of the business, are to remain with betboo following the acquisition.
The total consideration, which is capped at US$30 million and is payable in cash, will be calculated by reference to five times the audited profits after tax for the 12 month period up to the third anniversary of the acquisition less the initial consideration and any interim payments. Interim payments will be paid shortly after the first and second anniversaries of the acquisition equating to one times audited profits for the preceding 12 month period.
Commenting on the acquisition, Kenny Alexander, Chief Executive of Gaming VC, said: "This acquisition complements our strategy of continuing to diversify outside of Germany. The Board believes that South America represents an exciting market opportunity. With a population of approximately 285 million, many of which are passionate about sports, and increasing broadband penetration, we are confident of significantly increasing betboo's presence in this new territory for Gaming VC."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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