villafan
11-08-2006, 07:58 AM
Funny news from Bloomberg when seeing the recent drop in number of players in Paradise:
Sportingbet Pays $33 Million as Paradise Poker Hits Profit Goal
2006-11-06 02:46 (New York)
By Neil Craven
Nov. 6 (Bloomberg) -- Sportingbet Plc, a Web bookmaker that
sold its U.S. unit for $1 last month, said it paid $33.3 million
in cash to the former owners of Paradise Poker after the unit
reached an operating profit target of $150 million.
Sportingbet also issued 9.77 million shares to Bonaire
Investments Ltd., from which it bought Paradise Poker in 2004,
the London-based company said today in a Regulatory News Service
statement. Bonaire will also get 10 percent of Paradise Poker's
cumulative operating profit in excess of 150 million pounds ($285
million) in the first three years of ownership, it said.
Sportingbet said last month the cost of exiting the U.S.,
where it earned 80 percent of profit, will be 210 million
pounds. The company announced the U.S. sale on Oct. 13, the same
day as President George W. Bush signed a law that criminalizes
funds transfers related to Web gambling.
The payments relate to an agreement made upon the acquisition
of Paradise Poker in October 2004. The final payment to be made
under the agreement becomes due late next year, Sportingbet said.
--Editor: Jarvis.
Sportingbet Pays $33 Million as Paradise Poker Hits Profit Goal
2006-11-06 02:46 (New York)
By Neil Craven
Nov. 6 (Bloomberg) -- Sportingbet Plc, a Web bookmaker that
sold its U.S. unit for $1 last month, said it paid $33.3 million
in cash to the former owners of Paradise Poker after the unit
reached an operating profit target of $150 million.
Sportingbet also issued 9.77 million shares to Bonaire
Investments Ltd., from which it bought Paradise Poker in 2004,
the London-based company said today in a Regulatory News Service
statement. Bonaire will also get 10 percent of Paradise Poker's
cumulative operating profit in excess of 150 million pounds ($285
million) in the first three years of ownership, it said.
Sportingbet said last month the cost of exiting the U.S.,
where it earned 80 percent of profit, will be 210 million
pounds. The company announced the U.S. sale on Oct. 13, the same
day as President George W. Bush signed a law that criminalizes
funds transfers related to Web gambling.
The payments relate to an agreement made upon the acquisition
of Paradise Poker in October 2004. The final payment to be made
under the agreement becomes due late next year, Sportingbet said.
--Editor: Jarvis.