Thursday 28th August 2008 Troubles Continue For Betbrokers
UK-based sportsbetting brokerage and clearinghouse Betbrokers Limited has announced the suspension of its shares, three days after going into administration.
Betbrokers served as a middleman placing bets for clients with online bookies and also operated an online poker room through St Minver on the International Poker Network. Former F1 team boss Eddie Jordan serves as Betbrokers’ Non-Executive Director and the firm had previously reported a lack of cashflow, which severely restricted the value of bets it could process. In May, the firm revealed that its average bet was just $777.99 compared to $2,513.10 a year before. A month later it reported that it had been unable to take some bets due to a lack of funds despite customer demand remaining high.
Betbrokers was valued at $58.12 million following its flotation in November of 2006 but the company returned a net loss of $39.31 million this year on reported revenues of $5.13 and a gross profit of $2.18 million.
Based in London’s Canary Wharf business district, Betbrokers also operates the fixed-odds financial betting site BetbrokersBinaries.com and the recently acquired Winning Edge and Gold Sheet.
Source: OnlineCasinoNews
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