Written by :
Published on :
One way for European online gambling firms to enter into the US market and gain an important foothold ahead of their rivals: Acquire or buy interest in legal US-based Internet firms. Betfair has already done so and now Stan James is following suit.
The Racing Form on Monday reported that the UK-based firm has bought a majority share in racing2day.com, a small U.S. account-wagering operator.
Horse racing wagering over the Internet was exempt as part of the Unlawful Internet Gaming Enforcement Act (UIGEA) passed in October 2006.
As part of the deal, Stan James purchased a 50.1 percent stake in the website, according to Vincent Caldwell, President of the account-wagering company. He did not immediately release the exact amount of the stake to the Racing Form.
The racing2day.com website was launched approximately two years ago. The company claims that over $1.1 million had been bet during the first half of this year.
The two largest account-wagering companies, Television Games Network and Twinspires.com, had handles of $310.7 million and $257.3 million, respectively, according to the Racing Form.
In recent years, Stan James has become one of the leading online bookmakers in the United Kingdom.
The company was established in 1973 and is now based in both Marina Bay, Gibraltar with offices in Abingdon, Oxfordshire.
An October 2009 report claims that Stan James had become the third-most popular bookmaker on odds-comparison website oddschecker.com, behind Betfair and bet365.
- Aaron Goldstein, Gambling911.com
