Established in 1999, Gamebookers provides online sports betting in 12 languages and has more than 250,000 registered customers of which over 53,000 are active. In the 12 month period ended 31 December 2005, the business took over 25 million sports bets, equivalent to an average of 124 bets per customer per month, with an average bet size of €7.1. Gamebookers does not accept bets from US customers.
In the year ended 31 December 2005, Gamebookers, which is licensed in Antigua and operates from Bulgaria, took wagers (net of bonuses) of €179.4 million, generated gross win of €10.1 million, and produced an EBITDA of €4.6 million. PartyGaming expects the business to generate an EBITDA of between €8.0 million and €9.0 million in the current year (before the benefits of cross-selling. Of the total amount, PartyGaming will pay €81 million on completion and €21 million in 18 months.
Commenting on the acquisition, Mitch Garber, Chief Executive of PartyGaming, said: “The acquisition of Gamebookers is an important step forward in diversifying PartyGaming’s business from both a product and geographic perspective. Gamebookers is a well-established and profitable operator with proven risk management skills and scaleable proprietary software. We believe that sports betting will be a valuable addition to our integrated gaming platform, which we expect to provide excellent cross-selling opportunities for our expanding base of customers outside the US.”
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