A New Venture in the Works Down Under?

16 May 1999
The latest from Oz is that two publicly traded Australian companies--LibertyOne and Consolidated Gaming Corporation Ltd.--are in discussions to jointly acquire Northern Territory gaming company Sportsbet Australia.

Along with the purchase would come the application for a license to provide telephone and Internet sports betting services to customers.

LibertyOne's Managing Director Graham Bristow said the deal, if finalized, would "put the joint venture in an ideal position to take advantage of the favorable regulatory environment in Australia, and particularly the Northern Territory."

An interesting side fact (in case you were wondering about the joint venture's marketing and/or technological capabilities): LibertyOne has also formed a joint venture with Excite Inc. for online content on the Excite Asia Pacific portal and with Australian telco AAPT Ltd. for planned wireless Internet applications via its microwave radio spectrum.

Leverage, baby!