Ladbrokes May Be Close To Acquiring Sportingbet

This story was published more than 12 years ago.

A report in the Daily Mail newspaper claimed that a deal between gambling giant Ladbrokes and online betting company Sportingbet could be completed in September.

The report is citing unnamed sources and reports that most of the large hurdles in completing the deal have been cleared and that only smaller details remain. Currently Sportingbet is worth about £264 million, but is seeking a higher price in the deal.

Sportingbet is poised to become Australia's largest online gambling operator when it completes its acquisition of Centrebet on Wednesday and is looking into the possibility of offloading its Turkish market interests to Gaming VC Online Gambling Group, based in the Isle of Man. Reportedly, the Turkish market interests were looked upon as a negotiating obstacle with Ladbrokes.

The Daily Mail also is reporting that Richard Glynn of Ladbrokes is determined to get a deal with Sportingbet finalized after the London based company abandoned acquisition discussions with 888 Holdings earlier in the year.

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