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.
