A world-leader in the global betting and gaming market, International All Sports Limited has an annual turnover of over $1.2 billion. This is a robust company. Its subsidiary, the IAS Group, has just affirmed a take over bid for it's assets by Sportsbet which is 51 % owned by online sportsbook Paddy Power.

 
International shareholders agreed to a share price of 60 cents. Mark Read owns 19 per cent of the public betting company and Paddy Power is taking 19.98 per cent through its 51 per cent stake in Sportsbet. This puts Mr. Read in a very position. He stands to collect close to $11.6 million.

Last year gambling rival Centrebet bid a mere 33 cents per share for International All Sports. It is doubtful whether a new offer will come from Centrebet.

 
Barry Coulter, Chairman of the IAS Board is delighted with the deal, saying he was proud that Paddy Power and Sportsbet believed the company he founded in 1995 would be a valuable addition to their existing business. If shareholders approve the takeover it is likely to be completed by October 8, 2009.

The IAS acquisition will make Sportsbet a leader in Australia's wagering world. The combined turnover for the two companies last year was $2 billion. Who knows where it will go from here. ISA shares are stuck in a trading halt since yesterday at 50 cents.

In the absence of any other offers, Barry Coulter, CEO of IAS, highly recommended the take-over bid to the shareholders.

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