Between the online sports betting company Sportingbet and their Swedish rival, Unibet, merger talks are currently underway.
The companies have held only a preliminary discussion into the matter and that the talks would continue for the next several weeks before any announcements are made, according to the Sunday Times.
During the most recent financial year, Sportingbet recently announced a 27% revenue increase. Due to several favorite teams losing in the competition, the company reported a profit of nearly £208 million, during this year’s World Cup series. Live betting during events accounted for more than 60% of company’s core betting business, which the company also reported.
In part to a settlement with the US Department of Justice in regards to an investigation of alleged illegal online gambling, Sportingbet recently reported a profit loss from just over £22 million down to approximately £7 million. If a company merger or takeover occurs that Sportingbet will avoid prosecution in the US, financial and legal analysts have said that.
Between the years 1998 and 2006, the US Justice Department was investigating claims of Sportingbet taking part in illegal internet gambling schemes.
A £600 million empire will be created, if a merger does occur between Sportingbet and Unibet.
An online sports betting company, Betfair announced plans for a new Dublin office that will create upwards of 100 jobs. Last month, the company officially listed on the London Stock Exchange and now plans to open a new office where some of their operations teams will be relocated to next year.
To fill the additional posts needed to staff the new office, the company has initiated a recruitment process. To relocate to the new Dublin office, staff currently in place in the UK will be given the option. The number of London employees has not been announced, who will move to the Dublin office. For more information, those interested in job openings can go to www.betfair.jobs.
Founded in 2000 by Andrew Black and Edward Wray, Betfair offers customers what is termed “person-to-person betting.” The process gives them the option to take bets in a more traditional role similar to that of a bookmaker or it lets customers place bets acting as a punter.
Over 600 engineers who maintain the sportsbook company’s betting exchanges, employs Betfair. From roughly 3 million plus customers, these global exchanges process in excess of 5 million transactions daily.
Betfair’s chief executive, David Yu, expresses optimism in the new Dublin office noting that Ireland is establishing itself as a prime location for online companies.
Concerning required fees, Betfair and the British Horseracing Authority were recently in dispute, but a company spokesperson has said that they are not leaving the UK and will continue paying the levy and adhere to all requirements.
