Confirmation Arrives: Betfair to Acquire Blue Square Bet!

Confirmation Arrives: Betfair to Acquire Blue Square Bet!
This week saw rumors that Betfair is about to acquire the troubled Blue Square sports betting subsidiary from Rank plc confirmed when both companies issued announcements regarding the deal, specifying that they have agreed on a consideration of GBP 5 million. In its announcement, Rank noted that it has now "...completed the sale of the assets of its Blue Square Bet business to Betfair Group plc for GBP 5 million" and intends to "....focus its resources on further developing the Grosvenor Casinos and Mecca brands in venues and via digital channels." On the other side, Betfair's statement revealed that the acquisition of Blue Square "...is consistent with Betfair's strategy of focusing on regulated markets and growing its sportsbook and gaming operations alongside the exchange," at the same time informing the public that all Blue Square customers will be automatically redirected to Betfair with immediate effect, and that there "...they can access a full suite of sports betting and gaming products and receive a promotional welcome offer." A notification was also sent to Blue Square Bet marketing affiliates who learned that "Contracts including those relating to the Blue Square affiliate program were not included in this sale. As a result of this development we are terminating, with immediate effect, all Blue Square Bet affiliate partnerships. In accordance with our terms and conditions please accept this as formal notice of termination. "Any revenues owed from your Blue Square Bet customers will be paid up until April 2nd and final affiliate payments in relation to Blue Square Bet activity will be calculated and paid between the 5th and 15th of this month as per the normal payment run. "We sincerely regret the abruptness of this announcement and any inconvenience that it may cause," it was concluded in the note.
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