Sportingbet.com (UK) Plc and J-Craft Ltd. have signed a joint venture deal that will launch a Japanese sports betting site, www.sportingbetjapan.com, by January 2000.
"The sports betting market in Japan is estimated at over £100 billion compared to the UK which is £7 billion," pointed out Sportingbet.com Managing Director Mark Blandford. "If we were able to achieve a penetration of 5 percent, this would translate into turnover of £500 million and gross profits of £30 million per year. This is one of the most significant announcements that we will make this year. We will be the first British based company to make such a commitment to the Japanese market."
J-Craft Ltd. Chief Executive Koji Nakauchi added, "This is the most exciting project that I have seen in a very long time. There are very few examples where a British based company can launch into such a large, yet relatively untouched market. The opportunities for Sportingbet.com in the Japanese market are limitless. We are delighted to be involved in helping them secure their position as the global Internet sports betting brand."
J-Craft Ltd. has a network of more than 100 experts across Japan. Nakauchi is a former managing editor of Ichi Uma (First Horse), a Japanese racing publication. He brings a broad selection of contacts in Japanese sports and media.
Sportingbet.com will offer a site written completely in Japanese with a full selection of international sports wagering, plus Japanese favorites Sumo wrestling and Japanese Football League. J-Craft Ltd. is providing marketing services, sports information and cultural guidance.
Based out of Aldernay, an island in the British Channel, Sportingbet.com enjoys a tax-free status. They are listed on the OFEX trading facility in London as Sportingbet.com.