Netbet joins race for online bets market
Tuesday 23 February 1999
The company, which avoids paying the UK's 9 per cent betting tax because it is based offshore, is run by chairman Mark Blandford, who has sold his betting shops to the Tote bookmakers.
Mr Blandford, who will retain a 30 per cent post in the flotation, is launching Netbet on the Ofex - the specialist market for untried share issues.
The company is offering investors 1.719m shares at 70p each, raising pounds 1.2m to finance expansion and listing 10m shares on Ofex.
The listing and offer went ahead yesterday in spite of the high street bookmaker William Hill's failure to float last week because of lack of interest from institutional investors.
Netbet began operating last October with a five-year licence from the betting authority in Alderney.
It offers bets by phone and Internet on live worldwide sporting events.
These will include European and UK football, rugby, cricket, tennis and selected horse-racing.
It is also testing software to allow it to offer bets on US sports such as American football, basketball, baseball and ice hockey.
The company expects to report a loss of pounds 1.1m on a turnover of pounds 1.2m in the year to the end of March 1999.
But the revenue from Internet betting worldwide revenue is growing rapidly and Netbet "intends to become one of the world's leading sports betting operators within a period of three years".
Up to 40 per cent of turnover after the first full year will be in North America, 25 per cent in Europe and 20 per cent in Asia, the company believes.
Sports betting is a highly competitive business and up to a dozen competitors will open Internet sports betting operations in 1999. Investors should apply through their own stockbroker. The offer is not underwritten and may not be suitable for cautious investors, the prospectus warns.
It will close when fully subscribed and in any case no later than 12 April.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...