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Offline Arsenal

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O.P. « 2018-Nov-25, 12:27 PM »
'Here to stay': Ladbrokes doubles down with acquisition of bookie Neds
 
By Nick Toscano
23 November 2018 — 9:51am

Online gambling powerhouse Ladbrokes has struck a deal to to take over one of Australia’s newest gambling sites, Neds, in the latest round of consolidation among the nation’s fiercely competitive digital sports-betting industry.

Ladbrokes’ London-listed parent company, global gambling giant GVC Holdings, on Thursday night acquired Neds.com.au for up to $95 million as part of a strategy to increase its focus on Australian punters and their fast-growing appetite for online wagering.

Ladbrokes is considered the fourth largest online bookmaker in the Australian market.CREDIT:AAP

“Australia is a core market,” said GVG chief executive Kenneth Alexander, “and today’s acquisition further strengthens our position.”

Neds was launched in Australia less than 12 months ago by Dean Shannon, a Gold Coast-based former pornographer turned prominent bookmaker who once led Ladbrokes’ business in Australia.

During its short time in existence, Neds has been embroiled in controversy – fined and convicted in a New South Wales court for illegally offering inducements for people to gamble, and forced to pull provocative advertising campaigns that were found to have promoted excessive gambling on free-to-air television.

The company invested heavily in marketing and attracting new customers, but had been bracing for the imminent hit of a new wave of state-based digital wagering taxes in Australia, which will tax between 8-15 per cent of online bookmakers' betting revenue.

Dubbed “point-of-consumption” taxes, the new levies, for the first time, will tax digital gambling losses based on where the gambler is located rather than where the bookmaker holds its operating licence.

The merged Ladbrokes-Neds business in Australia will be led by Jason Scott, the chief executive of Ladbrokes Australia, while Mr Shannon will “stay on as a consultant”, GVC said in a statement.

“I am thrilled to lead the Ladbrokes and Neds businesses,” Mr Scott said. “The transaction proves beyond all doubt that GVC is here to stay in the Australian market.”

With such a large number of online wagering providers operating in Australia and the incoming taxes set to pressure bookmaker margins, GVC said increasing customer bases was “increasingly important” and predicted the newly merged company would be among the a “top-three player”.

Australia’s biggest online gambling companies are Sportsbet, Tabcorp and BetEasy. Wagering industry sources, on Thursday night, privately cast doubt on GVC's suggestion that its merged company’s market share would be enough to increase its Australian customer base to such an extent.

Off the back of internet and app-based wagering, sports-betting revenue has swelled by 15 per cent a year in Australia, to become the fastest-growing form of gambling.

Many of the world’s biggest and best-known gambling powerhouses including Paddy Power Betfair, The Stars Group, Ladbrokes and Bet365 are operating in Australia, and have turned the country into one of the most competitive online betting markets globally.

GVC's acquisition of Neds comes after one of the world's biggest online gambling companies, The Stars Group, listed on the Nasdaq and Toronto stock exchanges, bought a majority stake in Australian online bookmaker BetEasy (formerly CrownBet) after James Packer's Crown resorts sold out of the business this year. BetEasy, in March, emerged as the winner of a tight contest against Sportsbet to snap up the Australian assets of international wagering giant William Hill in a $300 million deal that secured its position as the third-largest online wagering company in Australia.

ENDS

Giddy Up :beer:



Offline Peter Mair

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« 2018-Nov-26, 08:05 PM Reply #1 »


NHS prescriptions needed for parasites


Not-here-suckers!

Any commitment to national horseracing sensibility would surely prescribe a policy to drive these parasites from the local betting scene.

Corporates 'choose' only losing punters as customers, they feed off TAB dividends in setting only marginal advantages, they rarely offer 'best odds' before race-day and then only in the closing moments as they have their books set to win.

There is a reason why the US has tote-only betting operators -- and no rebates to syndicates.



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