All Bets Off For Leisure & Gaming: Shares Suspended

Written by:
Guest
Published on:
May/21/2010

Italian football fans - and especially followers of José Mourinho's mighty Inter Milan - may have done for Leisure & Gaming, the London-listed bookmaking company, whose shares were suspended today after a seemingly doomed attempt to crack the betting market in Italy.

L&G is Italy's fourth-largest betting operator, having bought the Betshop brand in 2006. However there are now fears for its future.

In a statement to the London Stock Exchange, L&G said: "Football results have continued to be unfavourable and sports margins have remained below expectations and this has had a consequential impact on the company's profitability and cash position.

"The company now finds itself constrained by a lack of working capital. All businesses continue to trade and the directors are in early-stage discussions with a number of parties with a view to securing further funding for the business and are undertaking a strategic review of the business which may lead to a disposal of certain businesses and assets in its portfolio. There is no expectation of an offer for Leisure & Gaming."

The news out of L&G follows the dominance of Serie A this year by Internazionale, the eventual Italian league champions, and Roma, led by another former Chelsea manager, Claudio Ranieri. Inter have also advanced to tomorrow's final of the Champions League.

L&G is not the first British bookmaker to fall foul of an Italian betting market dominated by three players: SNAI, Lottomatica and Intralot. William Hill quit Italy two years ago.

Business/Financial News

Sports Betting Software Idaho, Montana, Wyoming

Can I Start an Online Sportsbook From Idaho?

AcePerHead.com is a terrific Pay Per Head company that offers a comprehensive sports betting platform for bookies and agents who happen to reside in the beautiful state of Idaho.

Sportsbook Software in Florida: How to Start a Bookie Website

Pay Per Head software will be in high demand in the state of Florida courtesy of nonstop success state teams are having.   The Miami Hurricanes find themselves in the Final Four as do this year's Cinderella team, the FAU Owls.  And college football is just around the corner.

Syndicate