Aussie Online Sportsbook to List

5 May 1999
Mark Read's sports betting agency, Darwin All Sports, is planning list on the Australian stock market in June this year. Morgan Stockbroking will underwrite the float and intends to lodge its prospectus with the Australian Securities and Investments Commission in late May.

Read said he was raising capital to fund planned acquisitions. He will retain a substantial stake. According to a Sydney Morning Herald report, Reid said, "Online betting represents one of the best potential profit opportunities of the Internet. I have been in racing and gaming all my life and I have never seen an opportunity as good as this. We have plans to expand our business internationally and take on the Ladbrokes and William Hill."

Darwin All Sports is one of two licensed online bookmakers in the North Territory of Australia. The sportsbook claims a total turnover (handle) of 110 million Aussie dollars (about US$72 million) in 1998.

IGN's Mr.Nambling is a gaming industry consultant and commentator with over 23 years industry experience, Glenn Barry has held senior management positions in Lottery and gaming operations around the world. His claims to fame include starting the first successful US Lotto in NewYork in 1978 and the NSW (Australia) in 1979.