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Gambling: paddyPower Expands to Australia

The Irish online and offline gambling group Paddy Power has taken its aggressive expansion strategy a stage further this week with the A$ 48.5 million acquisition of a controlling stake in the Australian sports betting firm Sportsbet.
 
A$48.5 million bought Paddy Power a 51 percent stake in the company and will be accompanied by the issue of 100 000 Paddy Power shares to Sportsbet investors. The cash consideration will be funded from Paddy Power's strong cash reserves of Euro 96 million.  Aladdins Gold Online Casino - All USA Players Welcome

Sportsbet shareholders will receive a further bonanza of some A$ 10 million in early 2010 conditional on Sportsbet EBITDA in 2009 exceeding A$ 16.5 million. The chances of this performance level being reached are good, as the company has already estimated its EBITDA at A$ 14.6 million at the half-year point.
 
The deal will incentivise Sportsbet's CEO and main shareholder Matthew Tripp, who will continue to helm the company, with four Paddy Power directors joining his board, including PP chief exec Patrick Kennedy and head of retail and online operations Breon Corcoran.
 
Sportsbet owns almost 20 percent of the Australian gambling group International All Sports, itself recently the target for an attempted but unsuccessful takeover by Centrebet.
 
The downside for Sportsbet shareholders is that if performance falls between June 2010 and 2012, and EBITDA falls below A$ 11 million, Paddy Power has the right to recover from the equity of Sportsbet shareholders.
 
“The acquisition adds a new dimension to our business portfolio to which we can bring trading, risk management and marketing expertise honed in Ireland and the UK to complement Sportsbet’s existing skills and experience,” Patrick Kennedy told Paddy Power shareholders this week.



Gambling News :

MLB Odds: Stroman Gets the Nod Against Royals - The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.

Microgaming in bingo software deal with Marathonbet - Marathonbet’s loyal customers will now be able to enjoy an extensive Bingo offering – marking another big expansion of its online gaming collection.

Microgaming QuickFire enters Coloumbia - Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.

Partypoker to sponsor WSOPC Uruguay - Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.

MLB Odds: Jays Hope to Spoil Orioles’ Visit - The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.

Money Storm Casino - Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.

Big Online SLot Win on Ultimate 10X Slot - At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000

MPN Greatest Poker Player in the Universe - The MPN announces the third annual Universal Championship of Poker (UCOP III), boasting €750,000 guaranteed across 59 tournament events this September

PartyPoker Exits Australia - From 31st August 2017 partypoker players will no longer be able to play from Australia. Players’ deposited funds are safe and available for withdrawal.

Mercury Poker Live on Indian Poker Network - Mercury Poker Live on MPN's Indian Poker Network. MPN India, established in 2015, is a ring-fenced poker network dedicated to the Indian market and operating exclusively in Indian Rupees.

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