Betcorp sold for $11m
October 24th, 2006 by casino free play
Online gaming group Betcorp has decided to close its operations rather than attempting to cope with new legislation outlawing Internet gambling in the United States.
The firm, which is listed on London’s Alternative Investment Market, agreed to sell its online betting business to Bodog Entertainment in a deal worth $11m (£5.9m).
Betcorp, which earned 85 per cent of its revenues from US customers in the past four months, said it would struggle to cope without income from the US.
“The board has considered whether its non-US business could be profitable and decided that does not have access to the funds required to adopt these strategies” said the Australian-based Betcorp in a statement.
Meanwhile, online gaming rival 32Red yesterday said total third quarter revenues increased by 56 per cent to £4.2m compared with the same period last year. The company, which sponsors Aston Villa Football Club, said its active customer base stood at 49,898 compared with 6,708 last year.
32red, bodog, online betting 