S.A.'s Purple Capital Acquires Majority Stake in Powerbet Gaming

Published Sunday, October 03, 2010 - Online-Casinos.com

Purple Capital Limited is a financial services investment holding company located in South Africa. The firm recently announced that they will acquire a majority stake in the online gambling company Powerbet Gaming.

Powerbet Gaming, recently launched it newest online offering as the sports wagering site Voltbet.com under a license issued by the Western Cape Gambling and Racing Board in South Africa. A two year development period resulted in the Voltbet launch in May of 2010. Primedia, the web sites exclusive marketing agency and partner has made exceptional progress in exposing the Voltbet offering to the world.  South Africa has been experiencing a massive growth in the online gaming market which Voltbet reports to be taking full advantage of.

Purple Capital Limited segments include Global Trader South Africa (GTSA), which is the South African operation of the Global Trader Group and provides online contracts for difference and spread trading services to customers in South Africa. Global Trader International (GTI),  is the international operation of Global Trader which includes Europe, Canada and Thailand.

On the question of legality of online gambling in South Africa, Powerbet Gaming, said that while Internet or online gambling is currently illegal in South Africa, there are still legal online betting services available in the country. "There is considerable confusion among members of the public, banking institutions and the media regarding the legal position of online gambling and betting in South Africa," a company spokesperson commented.  "Internet or online gambling, as per the notice from the National Gambling Board, refers to online casino gambling. There are currently no licensed online casinos legally operating in South Africa."

"Internet betting has been offered legally in South Africa for several years, within a well-established legal framework, and administered by provincial and national boards, read a statement from the firm. The National Gambling Board confirms Powerbet Gaming’s statements, saying that the Northern Gauteng High Court ruling does not impact on licensed online betting activities regulated in South Africa.  The National Gambling Board also said, "South African licensed online betting sites and any other SA bookmaker websites remain legal to operate and do not fall into this online gambling category,"




Related news

Return to Latest News