Sportsbetting Worth It To World Gaming
Published: Friday, April 07, 2006 Online-Casinos.com
SPORTSBETTING ACQUISITION COSTLY BUT WORTH IT TO WORLD GAMING
Profits and client acquisitions increase as WG grows
The latest results from software and gaming provider World Gaming plc show an increase in profits and customer acquisitions over the last quarter following the acquisition of Sportsbetting.com late last year.
Pre-tax profits rose to US$4.4 million (GBP 2.5 million) for the fourth quarter of 2005 compared to the same period the previous year. 21 414 customers were added during the same period, representing a 35 percent rise in growth over the same period the year before.
World Gaming paid US$81.8 million in cash and shares for Sportsbetting.com last October. Daniel Moran, CEO of World Gaming, said the latest results proved the value of the group's strategy: "In addition to leveraging the group's exceptional software and infrastructure resources, the acquisition of the sportsbetting.com business has increased the scale of the group significantly and forms a solid base for continued organic and acquisitive growth" he said.
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