eBet sells its sports and racing betting business
By staff
EBet Ltd, the gaming technology company behind Sports Acumen, the ACT-based sports and race betting business is selling its business to Bet Worldwide Pty Ltd for

$2.4 million

eBet's gaming systems products market potential in Australia alone was estimated at $300-400 million, with recurring revenue potential of up to $60 million per annum. According to the company’s management the sale is a part of their balance sheet and operational restructuring so it could focus on the potential of gaming systems division. The company’s real cash flow comes from its gaming systems assets with its Internet contracts with Penn Gaming, U.S and New Zealand TAB adding to the overall revenues.

Financially for eBet, the sale would result in a $2.5 million reduction in depreciation and amortisation in 2003/04 leading to a net profit for the current financial year.

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