• BetonSports purchases online casinos for $37M

December 28, 2005 - Internet gaming company BetonSports has bought three online sportsbooks and casinos for up to $37m (£21m). BetonSports will initially pay $20.2m with $15.2m in cash and 2.18m shares for MVPSportsbook, Player Super Book and V-Wager Cash of up to $16.8m will be paid depending on the profitability of the acquired businesses up to February 2007. “This represents an exceptional opportunity to bring well respected brand names into our family,” said BetonSports chief executive David Carruthers. BetonSports confirmed sports betting margins for NFL in America had been hit by a large number of favourites winning. “The company expects that these margins will follow the trend of earlier years and return to normal levels during the balance of the financial year, in which case the results will be in line with expectations” said Mr Carruthers. Gross win margins in all other sports are ahead of last year. BetonSports finance director Craig Lapsley steps down from the board today but will continue to be employed as company secretary. Richard Creed has been appointed interim finance director until a permanent replacement is found. BetonSports shares were down 2¾ at 127½p in afternoon trade.

> Read the full story here Source: Telegraph.co.uk

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