A multi million dollar deal this week has resulted in the acquisition of Chinese sports books 777ball and Hooball by the British listed sports betting firm, Bet on Sports. The business of both sports books currently focuses on basketball and football, but now will be fully integrated into Bet on Sports operating structure based in Malaysia. The purchase has already doubled the sports betting site’s market presence in Asia and is expected to help stimulate its product diversification across the region.

An initial purchase price of US$22 million for both sports books was agreed on, along with the issue of over three million ordinary shares of 1p each in the capital of Bet on Sports. The maximum total purchase price for the business therefore is US$38 million.

Bet on Sports continues to go from strength to strength. During the 15 months leading up to 31 March 2006, over 28,200 new memberships were recorded – 40 percent being real money sign ups with active deposits. Existing members between January 2005 and March 2006 remained stable at 6,500 a month.
The deal has been enthusiastically remarked upon by Max Hsiun, former CEO at Hooball and now Easy Bets’ Business Development Manager. “I am delighted to be part of the BoS Asian plan and teaming up with a quality brand like Easy Bets with its resources and reputation can only be good for the long term future and the successful development of the Hooball business,” Hsuin said.
Similarly, Bet on Sports’ CEO David Carruthers commented that the firm views China as a “must-be-in market. With Hooball and 777ball consolidating our Easy Bets presence, our first mover advantage is significantly increased. The diversification of revenue streams away from the US further mitigates the seasonality of activity in our US facing business. We strongly anticipate that the benefits of integration with Easy Bets in terms of cross selling, marketing, skill sets and cost savings will rapidly become apparent. Immediately prior to a World Cup doesn’t look like the worst of times to be acquiring such a strongly soccer-centric sportsbook.”

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