Gamebookers - Next Party Gaming Target?

Published: Thursday, July 06, 2006 Online-Casinos.com

GAMEBOOKERS THE NEXT TARGET FOR PARTY GAMING?

Sportsbook acquisition could be worth GBP 50 million


Speculative reports in British business media this week revealed that Party Gaming, which has for some time hinted at an intention to add a sportsbook to its online gambling interests, has been involved in talks with Gamebookers. A price tag of GBP 50 million has been mentioned, and the deal could be clinched within the next two to three weeks.

Gamebookers was founded in 1998 and is currently owned by Trident Gaming, an Isle of Man-based firm which also controls Betbug, a person-to- person betting site. It bought Gamebookers in July 2005.

The operation is licensed in Antigua, but also has a UK bookmakers' permit. Neither Gamebooker or PartyGaming spokesmen would comment on the reports.

Party Gaming unsettled the market with more executive sell-offs of stock as chairman Michael Jackson, finance director Martin Weigold, and company secretary David Abdoo sold shares early in the week at around 116p per share. News of the sale resulted in PartyGaming Plc. shares dropping again, this time down to 112p.

This sale comes only a month after PartyGaming Plc.'s founders sold some of their stock, resulting in a sale of 200 million shares between them.

Sources said Jackson was selling shares for tax purposes. He retained 600 000 shares after selling off about GBP 304 000 worth. He also sold 100 000 shares in another company where he is also chairman.

Weigold and Abdoo both sold all of their shareholdings, resulting in GBP 3.2 million for Weigold and almost GBP 2 million for Abdoo. Both still hold options in the company.