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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.
tags: Gambling | Japan | Softbank | Betfair | 23%% | Acquire | U.K | Gambling Site |

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 |