Ladbrokes Hedges on Online Gambling Bets in USA
Something must be in the works in America’s efforts to legalize online gambling once again or why would big solid firms such a old established Ladbrokes decide to invest in the sports betting outfit Las Vegas-based Stadium Technology Group, a software supplier to large operators in the U.S. market.
Originally a U.K. mainstay founded in 1886 Ladbrokes recently relocated its head office to Gibraltar for a better tax advantage. Stadium Technology Group, is focused on in-game betting applications, and reports customers in more than 60 locations throughout the states of Nevada, Delaware and in the Caribbean jurisdiction.
Directly from a press release by Ladbrokes details of the deal include facts explaining the company paid $3 million to acquire a 65% portion of Stadium Technology Group whose clients include Treasure Island in Las Vegas, and the Atlantis Resort and Crystal Palace in the Bahamas among others.
Ladbrokes also has an option lasting five years that depending on the performance of the new acquisition enables Ladbrokes to buy the other 35% of Stadium Technology Group.
Richard Glynn Chief Executive Officer of Ladbrokes commented in the press release, "The size of the U.S. market and potential for positive regulatory change in the coming years make it a sensible place to establish a presence. Stadium Technology is already one of the key software suppliers to casinos in Nevada and Delaware and it has the potential to expand."
The timing for this purchase is perfect considering the situation in the USA with individual states looking at legalizing online gambling. Currently under the Professional and Amateur Sports Protection Act of 1992 sports betting is banned in all American states except Delaware, Montana, Nevada and Oregon.
Some of these areas are already services by Stadium Technology Group which will open the legal door for Ladbrokes in those jurisdictions. It is thought that Ladbrokes has been given a great opportunity at a great price with this arrangement.
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