Sportingbet Moves To Enter Regulated Market in Denmark

Published Wednesday, October 12, 2011 -

Even as the recent ink about Sportingbet and the failed deal it was trying to negotiate with gambling giant Ladbrokes has not even dried yet Sportingbet is once again in the news.
Sportingbet Holdings has announced the purchase of the entire share capital of Danbrook and Scandic. Focusing their efforts on the Danish jurisdiction Danbrook and Scandic provide sports betting, casino games , poker and other services. Online Gambling firm Sportingbet through its subsidiary will purchase the two companies for a maximum consideration of £8.5 million.

The move is in anticipation of new regulatory rules o be implemented in Denmark. Analysts have suggested the Danish government has made the right moves in liberalizing its online gambling market, opening the field up in a compliant way with European Union laws governing the activity.
Sportingbet is looking to mitigate obstacles to it growth by moving into regulated amd licensed markets throughout Europe. The firm stated that the new regulatory framework in Denmark represents  a “commercially viable opportunity”, and has  applied for a license to operate in that country. The aim is to become a big player in the Danish market once it is opened up in January 2012, by combining the recently acquired Centrebet and now Scandic and Danbrook.
Andrew McIver, Sportingbet’s  Chief  Executive Officer commented on the move, “These acquisitions emphasize Sportingbet's commitment to generating revenue from regulated markets.” McIver continued, “We have already demonstrated our ability to deliver strong growth in licensed territories such as Australia and we are excited by the opportunity that Denmark represents.”

The forward thinking company will also retain some key individuals with the acquired new companies sending speculation through the investor community that Sportingbet’s fortunes are about to improve.
Sportingbet has lost nearly half of it’s value within the past year but was up on the London Exchange by two percent recently.





Related news

Return to Latest News