|
News Archive
|
|
Betandwin in £337m Ongame takeover
|
|
[2005-12-12]
|
|
|
Internet betting giant Betandwin has entered talks with the online gaming company Ongame, over a possible £337 million takeover bid.
If accepted, the takeover would mean Betandwin would become the world's second-largest online gaming company.
The Austria-based firm would take over from the UK's Sportingbet in second place, behind online gaming juggernaut PartyGaming.
Betandwin is nominally a sports betting firm, although its acquisition of Swedish company Ongame would allow it to diversify into online poker and casino games, offering its customers a much broader range of options.
Ongame, which mainly operates the PokerRoom.com website, may well choose to sell up rather than struggle to compete in a market dominated by PartyGaming, although it told the Times there is "no certainty that any final binding agreement on the transaction will be reached".
Charles Hall, an analyst with Panmure Gordon brokers, told the newspaper: "It reinforces the theory that the major listed players are firmly in pole position to dominate the industry as others will choose to sell rather than float."
The online gaming market is currently one of the most lucrative and fastest growing markets in the world, and is expected to grow from £4.63 billion to £12.8 billion by 2009.
About £4 million is bet on poker alone every day and the numbers are rising all the time.
|
|
|
|
|
|
|