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 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...