BetonSports Buys Up Internet Casinos

Three online sportsbooks and casinos are being bought up by Internet gaming company BetonSports at a cost of up to $37m (£21m).
For V-Wager, MVPSportsbook, and Player Super Book, BetonSports will initially pay $20.2 million with $15.2 million of it being in cash and $2.18 million in shares
Up to $16.8m in cash will be paid up to February 2007, depending on the profitability of the acquired businesses.
BetonSports chief executive David Carruthers says that he sees this as an exceptional opportunity for bringing well respected brand names into their company.
BetonSports has confirmed that sports betting margins in the case of the NFL in America, have been hit by a great number of favorites winning.
Mr. Carruthers says that the company expects that these margins will be in line with the trends of earlier years and soon return to normal levels in the remaining part of the financial year, bringing the results back in line with expectations.
The gross win margins for all other sports are said to be ahead of those for last year.
Craig Lapsley, BetonSports’ finance director, will be stepping down from the board today. He will however, continue in his employment as company secretary. The appointed interim finance director is Richard Creed who will serve until a permanent replacement is available.
In afternoon trade BetonSports shares dropped 2¾ to 127½p.

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