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08 September 2011
Bingo News: Sportingbet completes Centrebet deal
After months of negotiations, Sportingbet, the London based online sportsbook and gaming operator has stated that the purchase of Australian company Centrebet International Limited, has been completed. The purchase is thought to have cost Sportingbet US$183 Million
This is not first time Sportingbet has had a presence in Australia, as they have previously operated under a licence awarded by the Northern Territory. This new deal now makes them the nation's biggest online bookmaker.
“We are delighted to have completed the acquisition of Centrebet, which means we are now the leading bookmaker in Australia, a fast growing and regulated market,” said Chief Executive Officer for Sportingbet, Andrew McIver. This transaction highlights Sportingbet’s strategy of increasing its proportion of revenue generated from regulated markets and of geographic diversification.”
Discussions began way back in the spring when the two companies agreed that Centrebet would introduce a pair of individual interconditional schemes of arrangement with the performance right holders and shareholders.
Centrebet shares have currently been suspended from quotation on the Australian Securities Exchange as there is an application pending, they may be removed from the official list indefinitely.