NetBet (UK) Plc, the world's first British tax-free online betting service, began trading today on London's Ofex market. Daniel Stewart & Company, a London based corporate finance firm, has completed an IPO for the company.
The company's subsidiary, NAL, launched a 24-hour sports betting operation on the Internet October 19, 1998 at http://www.sportingbet.com. It operates markets in all major European
Sports and its American Sports software is expected to go online within the next two weeks. Based and licensed in Alderney, NAL is able to offer a tax-free Internet betting service, which the directors believe will give NAL a competitive advantage.
"Earnings and sales revenue generated by NetBet should propel it to market dominance in its space," said NetBet Chairman and Managing Director Mark Blanford. "It is our aim to become the bookmaking equivalent of EBAY (EBAY), Yahoo (YHOO), NetBank (NTBK), Etrade Group (EGRP) and SportslineUSA (SPLN), as NetBet moves forward quickly to capture volume turnover."