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Sportingbet Aims for Bankroll Expansion

Sportingbet Aims for Bankroll Expansion

Written by: Emilija Zivulovic on 05/05/2015 09:00
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Sportingbet, the British e-gaming operator, is going to put the multi-branded online bingo business Stride Gaming on the Alternative Investment Market today. The plan is to assemble a war chest for acquisitions and organic growth; Nigel Payne, new chief executive of Stride Gaming, said that the aim is to generate about £10 million of new money while further developing the company.

Payne said: “We feel this is an opportune moment for a scale bingo-led operator to come to Aim to capitalise on the opportunities afforded by regulatory changes, which is forcing ­consolidation in the industry, to grow organically and through acquisition.

“Our business is profitable, ­established and run by a highly experienced and proven ­management team. Today’s news marks an important step in our aim to become the ­market leader in online bingo.”

Stride Gaming survived the recent UK regulatory changes, when a 15 % tax was enforced on UK-facing gaming businesses, which shut down many smaller operations. The company claims it survived due to its “multi-branded offering with clear differentiation between each brand to target different categories of players”. Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Liner and King Jackpot, together with the online casino brands Spin and Win and Magical Vegas all belong to Stride Gaming.

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