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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$48.5 million bought Paddy Power a 51 percent stake in the company and will be accompanied by the issue of 100 000 Paddy Power shares to Sportsbet investors. The cash consideration will be funded from Paddy Power's strong cash reserves of Euro 96 million.
Sportsbet shareholders will receive a further bonanza of some A$ 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.
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To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
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NHL Odds: Lone Canadian Team Plays on Friday -
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NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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