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Thursday 5th July 2007
English online gambling company Sportingbet has announced that talks regarding its takeover by Austrian Internet bookmaker bwin Interactive Entertainment have ended by mutual consent.
Talks began in March after bwin made a ‘very preliminary’ takeover approach following Sportingbet’s exit from the US market. This departure from the world’s largest online gaming market followed passage of the Unlawful Internet Gaming Enforcement Act (UIGEA) in October, which effectively banned Internet gambling in the US.
Both public and private online gaming companies have entered into takeover negotiations since in an effort to consolidate operations and boost growth. Bookmaker Ladbrokes announced in April that it had ended takeover talks with 888.com due, in part, to the possibility of American retrospective prosecution.
'These discussions have now been mutually and amicably discontinued,' said Sportingbet in a statement issued to the London Stock Exchange yesterday.
Sportingbet operates locally-focused sportsbooks plus bingo and casino sites along with online poker cardroom Paradise Poker. It has over 2.5 million registered customers in 200 countries who place over one million bets per day.
Shareholders in online gambling sites have recently become victims of the new US law at times due to protectionism tactics imposed by the US Government causing share prices to plummet.
Source: OnlineCasinoNews
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