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Friday 21st September 2007
Following rumours last week, online casino 32Red.com has announced that it is in discussions with an unknown party regarding the sale of its Gibraltar-based BetDirect.com sportsbook subsidiary.
In a statement to the London Stock Exchange, 32Red said that, following ‘recent press speculation’, it could confirm it was ‘in discussions concerning a potential sale’ without disclosing who the other party was.
However, rumours and industry personnel movements seem to indicate that the buyer may be Irish company Boyle Sports, although this has yet to be clarified by either party.
BetDirect.com was acquired by 32Red only 18 months ago from Sportech for a reported $25 million and, according to the latest company reports, the company has over 46,000 active customers generating gross win revenues of seven million dollars with over 11,000 new clients signing up in the last year.
But, the business has operated under poor trading conditions, which are currently improving, and slowed performance that resulted in a pre-tax loss of $7.4 million.
According to company reports from that time, Bet Direct.com, then owned by Sportech, produced operating losses of $9.6 million in the year to the end of December of 2005 on turnover of $286 million.
Source: OnlineCasinoNews
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