Betfair In Philippines Gaming Deal?


Online gambling giant given option to take up a 40 percent stake in online gaming firm

The UK and Australian-based Betfair online gambling group has been given an opportunity to expand into the Pacific Ring market following an offer from Manila, Philippines-based Diversified Financial Network Inc.(DFNN), reports the Philippine Daily Inquirer.

DFNN reported to the Philippine Stock Exchange that it has offered Betfair an option to purchase up to 40 percent of its gaming subsidiary, Interactive Entertainment Solutions Technologies (IEST), a unit of DFNN's majority owned Singapore-based subsidiary Pacific Gaming Investments Pte. Ltd. (PGI), at a strike price of $15 million based on enterprise valuation.

Deadline for expiration on the offer is August 19, 2011.

Bringing Betfair into the DFNN group's gaming business as a strategic partner is part of a bid to replicate in Asia the giant gambling group's success in European and Australian online betting, the newspaper speculates.

DFNN may also be planning to increase its interest in IEST, according to a company disclosure statement, which advised: "The management of DFNN is studying its current investment structure into IEST and may possibly increase its holdings in IEST."

General Sportsbook News Sportsbook Sponsorship

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from us flag United States read article Serie A: Juventus vs Sampdoria preview

Sports Community

Share this page on:
Follow LSB on:
Follow LSB

Join Now for full access

In the last 24h

Totals

  • New Members
    3
  • Members Online
    11
  • Guests
    1,029



eighteen plus only

Follow LSB on Facebook Follow LSB on Twitter Follow LSB on Pinterest Follow LSB on Google plus