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CENTREBET SOLD TO SPORTINGBET

Date May 2011
Price $183,000,0001
Asset Centrebet
Buyer
Status Business as usual
Software No
Success

Centrebet was in May 2011 sold to Sportingbet for a staggering amount of $180 million. The sale did not affect Centrebet's poker room.

Centrebet was an Australian sports book and its poker room was on the iPoker network. This did not change after the purchase was finalized. When writing this Centrebet is still on the iPoker network and no changes seems to be in the pipeline (July 2012).

Not much interesting can be said about this acquisition. The deal  obviously took place so Sportingbet could secure a bigger market share in Australia.

The CEO Andrew McIver said in an interview to Dow Jones news wires that Sportingbet was in need to balance its portfolio, since 60 per cent of its revenue came from Europe and only 20 per cent in Australia. He added that the Centrebet acquisition would increase Australia's revenue contribution to 30 per cent.

Sportingbet paid $183 million for Centrebet, which was funded through a share placing and convertible bond issue.


1. theaustralian.com.au May 27, 2011