FunTech Grops BetBull

Published: Wednesday, December 14, 2005 Online-Casinos.com

FUNTECH DROPS BETBULL

Canadian high flyer focusing on core competency of skill gaming

After intimations earlier this year that it intended to focus on its core business of skill gaming, it should come as no surprise this week that FUN Technologies is shedding most of its interest in the betting exchange venture Betbull.

The company, which was created by Cryptologic founder Andrew Rifkin and Internet entrepeneur Lorne Abony has announced that its wholly owned subsidiary, Columbia Exchange Systems Limited, has completed the sale of the majority of the group's equity interest in Betbull - aka European Betting Exchange plc.

Betbull remains a formidable competitor in the European betting exchange sector, with a high calibre management team
that includes Simon Bold, Alexander Leip and Gunter Schmid, the financial clout of Austrian public company Bet And Win and an impressive array of state-of-the-art bookmaking and operating know-how. Betbull was started in 2004 as a joint venture between Bet and Win.com, Interactive Entertainment AG and FUN Technologies plc and has been quoted since October 2004 on the Viennese stock exchange

FUNtech sold an aggregate of 686,700 ordinary shares of Betbull at Euro 7 per ordinary share, for an aggregate purchase price of
Euro 4,806,900. The group will continue to beneficially hold 413,300 ordinary shares, comprising 5.83 percent of the issued and outstanding shares of Betbull.

Liberty Media recently acquired a controlling interest in FUNTech, which has closed some impressive skill gaming deals with major industry players this year.