Online Casino Group Bet Fair’s Japanese Links
The online casino sports gambling industry is facing a few changes in management and ownership this week. Bet Fair has announcing that its parent company, Sporting Exchange Limited, has signed a deal with Softbank Corporation, a Japanese investment bank. The deal would result in a large chunk of the online casino group’s ownership being transferred to Softbank. Initial reports indicate that about 23% of the online casino group’s shares would be involved in the deal.
A spokesperson for the parent company of the online casino group said that full details of the transaction were not available yet. However, a leading British newspaper has reported that the Softbank is to pay GBP 13 a share, valuing the casino company at around GBP 1.5 billion. Bet Fair has many international connections: It recently entered the Australian market in an attempt to grab part of the share of Australia’s A$2.5 billion casino market.
Bet Fair is a global internet casino gambling and betting exchange which allows gamblers to bet against each other. The company money by taking a commission on each sports bet. This move to sell shares to a Japanese concern caused a surprise in the online casino market because late last year, Bet Fair turned down a London IPO, following speculation that the value the group was up to GBP 1 billion.