SELLING
On Wednesday,
International All Sports Ltd. said that it has entered an agreement to sell its online sports and horse race betting service,
Canbet.com, for 1 million Australian dollars to
Yin Khing Investments Ltd., a British Virgin Islands-registered company.
In March 2008, the bookmaker announced that it would seek a suitable buyer for its struggling Canbet.com venture. Canbet posted an 8.6 million Australian dollar loss for the 2008 financial year and a loss of 3.7 million Australian dollars for the 6 months to December 31, 2008, the company said.
"The Canbet business has had a number of operational challenges, particularly following the changes to gaming laws in the United States and unsuccessful strategies to grow our European sports operation," said Barry Coulter, the International All Sports' chairman, in a stock exchange announcement.
"The sale of Canbet presents an opportunity for IAS to refocus on our core Australian business," he added.
The company said it will provide assistance during a transition period, expected to end during the 2009 third quarter, to Yin Khing on a fee for service basis. The group also said it will retain its Australian business and the Norfolk Island-based Austote business.
SIGNING
Rileys Ltd., the United Kingdom snooker and pool club chain, has signed an agreement with Million-2-1, the mobile gaming IGT-UK Group subsidiary, for mobile marketing and games as well as for online casino games.
"Rileys realizes the importance of the mobile market and this agreement allows us to reach our customers using a fresh and innovative platform," said Peter Hooker, Rileys' operations and commercial director, in a prepared statement.
Through the agreement Million-2-1 will bring its mobile games including "Elvis Top 20" and "Hi-5" and its mobile marketing initiatives, which include organizing prize drawings and prize drawings, the company said. Additionally, Million-2-1 said it will provide Rileys' members with access to its poker, blackjack, roulette and slot games.