Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Search Our Archive of Gaming Articles 

BetandWin Acquires UK Online Betting Company

15 September 2003

VIENNA, Austria – (Press Release) -- With effect from 12 September 2003, betandwin has acquired 100% of the shares of Ltd. ("playit"), a UK licensed online sports betting company focused on the Scandinavian market.

The purchase price amounts to:

* 225,000 shares of common stock of betandwin, of which 75,000 become freely tradable after a holding period of 9 months, the next 75,000 after 12 months and the last 75,000 after 15 months

* as well as EUR 1,7 million in cash and assumption of existing customer liabilities

In addition, the parties agreed upon an earn out period of 3 years based on the net hold (betting turnover less betting winnings) reduced by marketing costs and transaction fees generated from playit customers.

Plans for the integration of playit are already complete. In order to ensure the fastest possible integration of the UK-based company into the betandwin gaming group, Simon Bold, Managing Director of BAW International Ltd., has taken over the management of the company with immediate effect.

"We are pleased to have completed the acquisition of playit well ahead of schedule," explain betandwin Co-CEOs Manfred Bodner and Norbert Teufelberger.

"We should be in the position to offer playit customers an online casino in addition to the present range of sports bets in the course of the fourth quarter."

With its headquarters in Vienna/Austria, Interactive Entertainment AG has been listed on the Vienna Stock Exchange since March 2000 and carries out central functions such as finance, marketing, IT, project management, legal counselling, international business development, human resources and corporate communications for its subsidiaries, BAW International Ltd. (Gibraltar) and BetandWin Italia S.P.A.

< Gaming News