32Red acquires Bet Direct in time for World Cup
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32Red acquires Bet Direct in time for World Cup

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UK casino and poker operator 32Red has acquired telephone and internet betting company Bet Direct from Sportech for £11m.

The deal includes a cash consideration of £12.5m, less Bet Direct’s customer balances liability of approximately £1.5m.

32Red has placed five million new ordinary shares in a move designed to raise £6m to help fund the acquisition.

Bet Direct offers telephone, internet, interactive television and mobile telephone sports betting as well as internet casino, poker and fixed odds games. The deal comes in time for 32Red to benefit from increased levels of betting during the football World Cup, which kicks off on 9 June.

Ed Ware, chief executive of 32Red, said: “The acquisition of Bet Direct fits the strategic objectives of 32Red extremely well, providing a much enlarged customer database and the ability to offer the full portfolio of betting and gaming products through a variety of distribution channels.

“Our combined UK focus has enabled both management teams to identify areas of marketing cross-over, areas for review and customer recruitment and retention opportunities.”

Gibraltar-based 32Red floated on the Alternative Investment Market (AIM) in September 2005 and announced in April 2006 that 32Red.com is the official sponsor of Aston Villa FC for the 2006-7 and 2007-8 seasons.

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UK casino and poker operator 32Red has acquired telephone and internet betting company Bet Direct from Sportech for £11m.
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