Sportalists Targets Profits from Australian Gambling Boom

LONDON, ENGLAND, October 07, 2012 (Press-News.org) The news that gambling giant William Hill, which makes most of its money in Britain, is expanding into Australia has prompted the super savvy sports trading group, Sportalists Limited, to follow and seek an Australian partner.

William Hill, Britain's largest bookmaker has set its sights on acquiring Sportingbet, due to the phenomenal growth in gambling in the Australian market.

The online gambling company said earlier this week that a 350-million-pound ($564.8 million) takeover approach at 52.5 pence per share from William Hill and smaller online betting firm GVC, undervalued the business.

William Hill, seeking more profitable markets following the growth of on-line gambling, is expanding overseas and is interested in Sportingbet's operations in Australia and Spain.

Sportingbet declined to comment further on the bid situation, citing takeover panel rules. The potential bidders have until Oct 16 to make a firm offer.

The ultra-private sports trading group, Sportalists Limited, which announced recently that it is to create a club allowing members of the public to share in their trading success is now seeking to trade on Australian sports.

"They say build it and they will come," Sportalists Communication Director Malcolm Winston said.

"If the biggest betting agencies in Europe are now targeting Australia, then we will go there also and happily trade with them on sports," he said.

The Sportalists Club is said to be made up of mathematical geniuses who have beaten the odds at the world's racetracks and sporting events, and have reportedly never had a losing year.

"The Sportalists Club has long been talked about as a group of the most astute sports traders in the world, who zealously protected their privacy," said Julian Carr, a city stock broker.

"They are regarded as sports specialists whose investment universe centers on sports and prediction markets," he said.

"Their successes are extraordinary and the profits they make for their partners are the envy of many a hedge fund manager."

SPORTINGBET TARGET OF TAKEOVER BID

Sportingbet cemented its position in Australia in 2011 by taking over Centrebet, the number four operator in the market. A company backed by GVC bought its Turkish language website.

"Our successful acquisition of Centrebet, which has out-performed our expectations, disposal of Turkey and introduction of regulation in our other key countries has resulted in over 80 percent of the group's revenue now being derived from regulated and/or taxed countries," McIver said.

Sportingbet said Australia now accounted for approaching 70 percent of group revenues and almost all of the company's profits.

Sums wagered on Australian sports betting rose 82 percent to 1.493 billion pounds, while annual savings after the acquisition increased to 15 million pounds from an original estimate of 5.2 million pounds.