32Red Confirms Sale of Bet Direct

By Steve Vaughan on Sep 20, 2007 with Comments 0

32Red released a statement today to the London Stock Exchange concerning recent speculations in the press regarding the possible sale of its Bet Direct division. It confirmed that 32Red was in discussions concerning a potential saleÃ¢â‚¬Â.

A 32Red spokesman would not name the how much the sale would be for or the interested purchaser but the consensus is that Boylesports, a gaming and sports-betting company was interested.Ã‚Â No one from the Ireland based gaming company was available to comment.

Only acquiring Bet Direct 18 months ago, there was surprise about the news in the financial world. Analyst reactions could be calmed though by the amount of money the sale of Bet Direct could raise. Some analysts saying, Ã¢â‚¬Å“It would probably be beneficial for the share price. It would give them cash on the balance sheet.Ã¢â‚¬Â

On the purchase Ed Ware, chief executive, said back in May of 2006 that the Bet Direct acquisition, Ã¢â‚¬Å“fits the strategic objectivesÃ¢â‚¬Â of the company Ã¢â‚¬Å“extremely wellÃ¢â‚¬Â. (It provides) a much enlarged customer database and the ability to offer the full portfolio of betting and gaming products through a variety of distribution channelsÃ¢â‚¬Â.