ukbetting plc, the digital wagering operator, said today that it is acquiring SCG Enterprises Ltd., the betting operation of Sports.com.
The deal extends ukbetting's wagering platform, which already includes ukbetting.com and totalbet.com.
"We are pleased with this acquisition. Sports.co.uk fits neatly with our other digital sports betting operations and consolidates our position as a digital wagering operator," said Eric Semel, CEO of ukbetting. "Since our listing in August 2001, we have completed a number of important deals, including the current offer for TEAMtalk."
The details of the purchase include ukbetting's cash consideration of £670,000--£570,000 of which will cover net liabilities. The remaining £100,000 acquires the betting company's operations, including 24,000 betting customers and the URL www.sports.co.uk.
"The greatest asset from this deal is the customers," Semel said. "Along with the portal, we gain customers."
The deal expands ukbetting's number of betting customers to more than 100,000 people.
Most of the bets placed on Sports.com are on football and other sports, ukbetting said. For the six months ending June 30, SCG Enterprises had revenue of £8.8 million and a loss of £454,000 before interest, tax, depreciation and amortization.