BETonSPORTS raises £54.6m in IPO fundraising
By staff
BETonSPORTS plc (“BETonSPORTS” or the “Company”), the holding company of a group which operates a leading US facing online and telephone sportsbook and online casino, today announces the successful pricing of its initial public offering and placing, on AIM, to institutional investors (“the Placing”).

·Placing price set at 140p per ordinary share

·Gross proceeds of the Placing will be £54.6 million

·Based on the above placing price, the market capitalisation of BETonSPORTS on commencement of dealings will be approximately £113.6 million

·Third largest IPO fundraising on AIM in 2004

·Admission to trading and dealings on AIM are expected to commence at 8:00am on 15 July 2004

·Evolution Beeson Gregory is Nominated Adviser and Broker to the Company and acted as adviser and bookrunner to the AIM admission

David Carruthers, Chief Executive of BETonSPORTS, said:

“We are delighted that the Placing has been so well received by investors and welcome the new shareholders to BETonSPORTS. We already have a track record of successful, profitable, organic growth and our listing on AIM will allow us to consider possible value enhancing acquisition opportunities in various geographical locations, and also to explore possible complementary brand acquisitions.

The worldwide on-line gambling market was estimated to be worth in the region of US$5.7bn in 2003 and we believe that the immediate future will be a very exciting period for BETonSPORTS and the market in general.”

For further information:

Citigate Dewe Rogerson

Ginny Pulbrook +44 (0)20 7638 9571

Victoria Brough +44 (0)20 7638 9571

Evolution Beeson Gregory

Chris Callaway +44 (0)20 7071 4300

Stuart Andrews +44 (0)20 7071 4300



1.39,032,006 ordinary shares have been placed with institutional investors, representing 48.1% of the company’s issued share capital

2.Of the £54.6m raised, £27.3m was raised by the placing of existing ordinary shares and £27.3m by the placing of new ordinary shares. The new ordinary shares rank, in all respects, pari passu with the existing ordinary shares

3.The £27.3 m proceeds from the Placing will be used to fund the acquisition of the remaining 49% in Millennium Group, not already owned by the company and for the Group to pursue its geographical and product based expansion.

4.The selling shareholder and management’s shareholdings will be locked in for a period of two years

5.Admission to trading and dealings on AIM are expected to commence at 8:00am on 15 July 2004


1.BETonSPORTS operates a North American-facing on-line sportsbook with a turnover, for the year ended 31 January 2004, of US$1.6 billion. The Group generated a 276% increase in turnover over the last five financial years and profits before tax have risen from US$0.6m to approximately US$26m during the same period. The Group operates 11 online brands, and takes the majority of its revenues from bets placed on US sports such as American Football, Basketball and Baseball

2.The Group gained its first internet sportsbook operating licence in Antigua in 1997. At the peak of high season in the financial year ended 31 January 2004, it employed approximately 1,600 employees in Antigua, Costa Rica, the Dominican Republic and the United Kingdom

3.Over 33 million bets were placed with the Group in the financial year ended 31 January 2004. This equates to more than one bet every second, and approximately 90% of all the bets it received (including casino bets) were taken over the internet.

Online Casino provides online gamblers with information on online casino gambling, sports betting tips, wining casino tips, internet casino reviews, sports odds, matchups, results, editorial and much, much more… We also have an industry insider’s section including Internet gaming press releases, a calendar of events and gaming industry news.
Bluff Europe: Europe's leading Poker Magazine brings you the latest Poker News, Player Interviews and all the best Online Poker offers Poker in the Park: Europe's largest Poker Festival.