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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Tuesday 7th November 2006

Paradise Poker's Founders Scoop �20m Jackpot

Sportingbet's Paradise Poker founders yesterday shared a payout worth in excess of �20m after operating profits reached a milestone.

The payout was triggered after Paradise Poker achieved an operating profit contribution of $150m (�79m) in the two years since it was acquired by Sportingbet. The milestone was reached shortly before the Unlawful Internet Gambling Enforcement Act legislation was signed into law in America, which until then was the largest online gambling market in the world.

Reports suggest that operating profits for the website will fall to about �10m per year compared to about �60m last year.

The three founders� identities have been hidden but the Paradise payout was made to Bonaire, a British Virgin Islands company which is believed to be controlled by three Canadian technology experts. They remain Sportingbet's second largest shareholder, with an 11.5 per cent share.

Source: OnlineCasinoNews

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