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Monday, October 10, 2005

Tropical casino for sale

Industry sources said that the founders of Tropical Paradise had been trying to sell the business for several months.

Last week, Sportingbet, founded in 1998 by bookmaker Mark Blandford, said its acquisition would be “significantly earnings enhancing” although it warned it was not certain a deal would be agreed.

Sportingbet was recently named the world’s leading online gambling operator by the industry bible eGaming Review, which put it ahead of Ladbrokes and William Hill. The purchase of Partypoker would give it an even greater lead.

Last week, a report on the interactive gaming industry by the stockbroker Arbuthnot Securities gave a “buy” recommendation for Sportingbet and said the company had “an opportunity to accelerate progress”.

However, some investors have remained wary of the company because it does a large part of its business in America, where online sports betting is banned.