Ladbrokes is Interested in Parlay

Ladbrokes, the biggest bookmaker in the United Kingdom, is engaged in talks to acquire bingo developer Parlay Entertainment. The Canadian company, which is listed on the Toronto stock exchange, has been the subject of takeover offers all month long. It had first received an offer last month from PEIC Acquisitions that it thought undervalued its worth too much. The letter of intent was eventually withdrawn.

Parlay was the first entity to develop the software for internet bingo. Since the introduction of the internet bingo software, online bingo has gone on to become one of the fastest growing segments of the gaming industry and Parlay has remained one of the industry leaders in the area of bingo. It handles the software for clients like Ann Summers and Yahoo.

Ladbrokes is in the process of juggling its portfolio a bit. The company is planning to sell its only brick and mortar casino, which it opened in 2006. The company has since decided to leave that segment of the market. It had sold its large casino division to Gala Coral in 2001 and has no desire to enter that part of the business again. Ladbrokes won’t bid for any of the sixteen casino licenses. There are several companies’ that will be interested in the Paddington casino. More information is expected to be forthcoming next week when the company discusses its financial position and its plans next Thursday. The acquisition of Parlay will take the company in a new direction.

Posted: February 24, 2008
Tags:

 

Related Posts

Comments

Leave a Reply