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Canbet Abandons Online Casino Idea11 December 2000New Zealand-based Sky City recently took a 6.8 per cent stake in Australian Canbet, through subsidiary Sky City International, and is in due diligence to increase its stake to 33 per cent at a cost of A$39.1 million. At the time the deal was announced in July, Sky City managing director Evan Davies said he believed the Internet wagering sector was complementary to its core business. Sky City also purchased a casino in Adelaide this year and opened a new casino in Queenstown last week. Canbet chairman Richard Farmer said a retrospective ban on Internet gaming and interactive gambling in Australia on Wednesday had put an end to his company''s plans to expand from its core sports betting business into online casinos. However, he did not think this would affect Sky City''s plans. "I''m sure their interest in us was because we are a wagering business. They didn''t buy us because we might one day become a casino. I''m quite sure they are capable of running a casino of their own without us, so I don''t think it will change anything," he stated. Canbet had notified the Australian Stock Exchange in October that it intended to apply for an interactive gaming license to operate a casino on the Internet. However, the company had delayed their plans until legislation was decided, a prudent move given the moratorium. The company intends to now focus on its sports betting business, which was increasing in turnover. |