Gambling Site

Japan's Softbank to Acquire 23% of U.K. Gambling Site Betfair

Authored by Mark Hefflinger on February 28, 2006 - 9:37am.

London - According to a report in the Financial Times, SoftbankCorp., a Japan-based Internet investment company, has agreed to acquire as much as 23% of Sporting Exchange Ltd., the U.K.-based online gambling group that controls Betfair. Although financial terms were not disclosed, the Financial Times said Softbank would pay about $22.80 a share. Sporting Exchange said it would likely release details for the deal, which should be completed by April 3, within the next few days.

Gambling Site Empire Online Sues Rival PartyGaming

Authored by Mark Hefflinger on December 6, 2005 - 8:32am.

London - Empire Online, a Cyprus-based online gaming firm, announced that it is seeking "substantial damages" from Gibraltar-based PartyGaming, owner of the largest online poker website in the world. Under a "skin" agreement between the two companies, Empire and PartyGaming's poker systems had once been linked; the latter, however, recently called off the deal, and Empire is now demanding the contract be reinstated. Empire, whose shares have lost more than three-quarters of their value over the last three months, earns the lion's share of its revenue by directing new customers to third-party gambling platforms. A number of news reports on Tuesday said the company was seeking several hundred million dollars in damages.

tags: Internet | Gambling Site | Empire Online | Rival PartyGaming |