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BetFred sells operations

The U.K. publication Crane’s Manchester Business reports that brothers Fred and Peter Done are through with online gambling, having sold their online gambling operation, BetFred, to an undisclosed buyer, netting some £27.2 million from the sale.Crane’s claims that the Internet gaming division Betfred NV, registered in the Netherlands Antilles, had been underperforming for a number of years after a belated entry to the market, and the company said the disposal made “commercial sense.” 91_300_198_crop_80327

The sale of Betfred NV’s share capital netted the Done brothers £27.2 million, according to recently filed accounts for Lightcatch Ltd, the parent company of their gambling and sports interests.

The online casino gaming operation will apparently remain on the Betfred.com website and the group has not sold its Web-based sports operation which takes bets on live sporting events.

The Crane’s article reports that Fred Done admitted he had entered the online gambling sector late, starting his company in 2005. In the six months it was still part of Lightcatch, it only generated £2.3 million in operating profit on a £4.5 million turnover. In its last full year in 2007 it made operating profit of £3.3 million on £9.2 million turnover.

Betfred’s financial director, Barry Nightingale, said the deal was sealed in 2008, but declined to identify the buyer, saying: “We have sold the online business, but we’re bound by the terms of the deal not to reveal any more details. It made commercial sense, but with our new partners the Betfred brand will continue to go from strength to strength in the online arena.”

Group sales jumped from £949.1 million to £1.1 billion in the year to March 2008 while operating profits climbed 22.7 percent to £13.2 million. The figures include bets placed over the Web and phone.
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AP Top 25 College Football Poll

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AP TeamW/LSeason StartLive Odds
1Ohio State1-0+675+575
2Penn State1-0+700+600
3LSU1-0+1200+800
4Georgia1-0+650+650
5Miami FL1-0+2800+1200
6Oregon2-0+1200+1600
7Texas0-1+600+700
8Clemson0-1+850+1600
9Notre Dame0-1+1000+1800
10South Carolina1-0+6600+6600
11Illinois1-0+15000+15000
12Arizona St.1-0+12500+12500
13Florida1-0+3300+3300
14Florida State1-0+8000+6600
15Michigan1-0+3300+3300
16Iowa State2-0+20000+20000
17SMU1-0+10000+10000
18Oklahoma1-0+4000+2800
19Texas A&M1-0+3300+3300
20Ole Miss1-0+4000+4000
21Alabama0-1+900+1800
22Tennessee1-0+6600+8000
23Indiana1-0+12500+12500
24Texas Tech1-0+10000+12500
25Utah1-0+4000+8000