LONDON, Dec. 7, 2001 (PRIMEZONE) -- ukbetting plc ("ukbetting" or "the company") today announced the signing of a strategic partnership with SunOnline Ltd, a wholly owned subsidiary of Sun International Hotels Limited, a leading international resort and gaming company.
On Sept. 20, 2001, Sun International announced that it had been awarded one of only three initial gaming licenses by the Isle of Man Government to conduct operations within its jurisdiction. This license forms the foundation of Sun International's move into the online gaming sector through a newly created online gaming company, SunOnline.
Under the terms of the strategic partnership agreement, ukbetting will become the chosen provider of sports content and fixed odds betting to SunOnline, accessible by SunOnline's customers. Likewise, ukbetting's customers will be able to access SunOnline's gaming site through ukbetting plc's online brands.
The agreement includes reciprocal profit sharing agreements for referred business and collaborative marketing.
In December 2001, SunOnline is expected to be the first U.S. land-based casino operator to launch international, non-U.S., online gaming operations under The Atlantis brand (www.casinoatlantis.com) -- named after its flagship resort on Paradise Island, The Bahamas.
Commenting on the partnership, Eric Semel, Chief Executive Officer of ukbetting plc, today said: "Sun International is one of the world's leading international gaming brands. We are delighted to have been selected as their first strategic partner in the online environment. This continues to demonstrate our ability to identify valuable relationships that bring traffic to our wagering sites in a cost effective and efficient manner.
"SunOnline will be an exciting new online experience for the international gaming and wagering community, with solid financial backing and significant marketing experience. We would expect Sun International, as an internationally recognized resort and gaming brand with a very significant customer base, to succeed in the online environment and we look forward to sharing in this success as the business grows."
Tobin Prior, Chief Executive of SunOnline, added: "We believe that the fixed-odds sports betting and related content service that ukbetting can now provide will represent an excellent additional offering to our customers. Having examined a number of options, it was the combination of top quality fixed-odds sports betting, sports consumer brands and strategic vision aligned with our own objectives that led us to partner with ukbetting.
"With the launch of the Atlantis online casino product before the year-end we expect to be one of the first major brand casino operations to participate in the online gambling business, which is currently estimated to be a US$2.2 billion market and projected to grow to over $6 billion by 2004(1)."
(1) Source: Christiansen Capital Advisors, LLC
About ukbetting
ukbetting is a leading U.K.-licensed digital wagering operator providing fixed odds betting, mainly in relation to sporting events. The company listed on AIM in August 2001, and intends to build a premier gaming brand, providing market leading sports content to attract and retain betting customers.
Since listing, the new management of ukbetting has overseen 3 acquisitions and taken the first steps to becoming a leading international digital wagering operator. The company currently has approximately 60,000 betting customers, 20,000 credit card customers, a database of more than 300,000 sports enthusiasts, and services more than a million unique users in its sports content site. The company also has 5.5 million Pounds of cash with no debt.
ukbetting is currently in a recommended offer period for Sportscard, a credit card tailored for sports enthusiasts. The offer was made in September 2001 for approximately 4.4 million Pounds. This acquisition continues ukbetting's strategy of acquiring, or partnering with, suitable companies in order to channel customers onto their betting Websites.
This strategy was further strengthened with the acquisition in October 2001 of PA Sporting Life Limited (PASL). ukbetting paid 2 Pounds in cash for the existing shares and subscribed 1 million Pounds for new shares in PASL to satisfy existing loans. With the acquisition of PASL came on-line sports content through the SportingLife.com brand and on-line wagering through the TotalBet.com brand. SportingLife.com currently has more than 1 million unique users.
The acquisition of the Sportal.com and Sportal.co.uk brands and technology in November, for a total of 190,000 Pounds, provided the enlarged ukbetting Group with another two well-known brands to add to the growing sports content portfolio.
About Sun International
SunOnline Limited is a wholly owned subsidiary of Sun International Hotels Limited, one of the world's leading resort and casino operators. SunOnline is to launch Casino Atlantis Online (www.casinoatlantis.com) in December 2001. In September this year, the company was awarded one of only three online gaming licenses by the Isle of Man Government to conduct operations within the jurisdiction.
Sun International Hotels Limited (NYSE:SIH) www.sunint.com is a leading developer and operator of premier casinos, resorts and luxury hotels. The company's flagship destination is Atlantis www.atlantis.com, a 2,317-room, ocean-themed resort located on Paradise Island, The Bahamas. Atlantis is a unique destination casino resort featuring three interconnected hotel towers built around a 7-acre lagoon and a 34-acre marine environment that includes the world's largest open-air aquarium. Sun International Hotels Limited also developed and receives certain revenue from the Mohegan Sun casino in Uncasville, Connecticut. The Native American-themed Mohegan Sun is one of the premier casino gaming properties in the North-eastern United States and one of the most profitable casinos in the United States. In the luxury resort hotel business, the company operates eight beach resorts in Mauritius, Dubai, the Maldives and The Bahamas.