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Irish Bookie Buys 51% Of Sportsbet

Monday, 18th May 2009

Irish "betting giant Paddy Power has acquired 51% of privately-owned on-line gaming company Sportsbet in a deal that values the company at $113 million  & gives it a presence in Australia for the 1st time," reported The Australian Financial Review. There has "also been speculation in the past few weeks that Paddy Power (listed on the Irish & London stock exchanges) may be a potential bidder for the Victorian wagering licence to be offered by the state government from 2012". (Tabcorp holds the licence to run the TAB in Victoria.) Sportsbet "already holds a 19.98% stake in the listed International All Sports group" (of which bookmaker Mark Read is the largest shareholder) & after the latest deal "Paddy Power has automatically assumed control of that stake". Sportsbet chief executive Matthew Tripp said the remaining 49% "was subject to a 3-year earn-out clause".

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