Casinos.co.uk: Casino News Archive
Monday 7th June 2004
BETonSPORTS to Float Share on AIM
BETonSPORTS Plc (”BETonSPORTS” or the “Company”), the holding company of a group (the 'Group') which operates a North American-facing on-line sportsbook with a turnover of US$1.6 billion, today announces its intention to seek a listing of its shares on AIM, the market operated by the London Stock Exchange plc.
BETonSPORTS intends to raise up to US$100m through the placing of new ordinary shares and existing founder shares with institutional investors; up to US$50m of the amount raised will be new money. It is intended to use the proceeds of the placing of new ordinary shares to fund entry into Latin America and Asia, to acquire other brands in the on-line gaming industry and for the purchase of 49% of the Millennium Group that is not already owned by the Group.
The Group gained its first internet sportsbook operating licence in Antigua in 1997. At the peak of high season in the financial year ended 31 January 2004, it employed approximately 1,800 employees in Antigua, Costa Rica, the Dominican Republic and the United Kingdom.
Over 33 million bets were placed with the Group in the financial year ended 31 January 2004. This equates to more than one bet every second, and approximately 90% of all the bets it received (including casino bets) were taken over the internet. In the financial year ended 31 January 2004 it opened some 50,000 new accounts and the number of bets placed rose by circa 25%. Growth of this magnitude has allowed the Group to generate a 276% increase in turnover during the last five financial years and profits before tax have risen from US$0.6m to approximately US$26m during the same period.
The Group operates 11 online brands, and takes the majority of its revenues from bets placed on US sports such as American Football, Basketball and Baseball, but it also accepts bets on more diverse subjects such as the best advertisement in the Superbowl (results decided by a USA Today poll).
BETonSPORTS has a highly experienced management team led by David Carruthers who has 28 years experience in the gaming and betting sector, 24 of which were spent working at Ladbrokes. All of the executive directors will be incentivised through equity participation which will be subject to 2 year lock-in arrangements.
Evolution Beeson Gregory are the Nominated Adviser and Brokers to the Company.
Source:OnlineCasinoNews
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