Blandford Sells Shares
Mark Blandford, the founder and executive vice president of Sportingbet Plc (SBT.L), sold £1.7 million worth of shares at 76p per share last week. He sold £2.5 million in August at 31p per share. Shares were valued at 120p in 2001 when the company floated.
Betfair to Float
British betting exchange Betfair plans to raise £25 million through an initial public offering. The Observer newspaper reported that the U.K. government's plans to more tightly regulate betting exchanges will make the float unlikely, but Betfair has denied its plans would be affected.
eBET's US Deal
Gaming solutions company eBET Ltd. (EBT.AX) plans to enter the U.S. gaming market by expanding its product offering and business model to include participation options for casino operators. The company has entered into an exclusive licensing agreement with Australia's TAB Ltd (TAB.AX), whereby it will exploit TAB's wide-are linked jackpot brands. The five-year deal gives eBET exclusive rights to brands and trademarks in Native American casinos for installing and operating gaming systems for electronic machines in the US. eBET has also appointed Tony Toohey as its new managing director.
William Hill Buyback
After a year that saw William Hill Plc (WMH.L)'s profit increase five-fold, the company may ask its shareholders to approve plans for a share buy-back of up to ten percent of the issued capital. Its shops, Internet offerings and telephone services have all grown, and there is speculation that the company may try to acquire Stanley Leisure Organization (SLY.L).
Reports Released
Sportech Plc (SPO.L)'s figures for 2003 show a drop in profit from £4.6 million last year to £3.5 million on turnover that is up 6.5 percent to £207.9 million. Despite the 24 percent drop in profit, the group remains optimistic for 2004 as it prepares to launch Littlewoods Bet Direct on Sky Active about midyear. The company also said that it is going to cut back on its reliance on horseracing and focus more on sports betting, primarily soccer.
Sportech Plc - Year-end Report