28 May – LAWFUEL – The Law News Network – Birmingham – DLA Piper Rudnick Gray Cary (“DLA Piper”) announces it advised Easybets.com on the disposal of its business to BETonSPORTS plc, a leading US facing online gaming company, for an initial price of $15 million (£8.2 million). An earn-out arrangement means the total value of the deal could rise to a maximum of $32.5 million (£17.7 million).
Jim Lavery and John Campion, corporate partners, led the DLA Piper team acting on the deal, assisted by Carol Clarke (associate) and Ceri Williams-Jones (assistant solicitor). The Easybets business, which also includes the brands 248Casino.com, UK248.co.uk and G248.com was established in 1997 and includes a sportsbook and live webcam casinoEasy bets currently has some 100,000 customers who are predominantly Asian based, with over 70% from China and transacts 95% of its business over the internet.
Commenting on the deal, John Campion said: “We are delighted to have advised Easybets on this deal and are sure that it will prosper as part of the BETonSPORTS Group. DLA Piper’s ability to co-ordinate advice across our Far East offices contributed to achieving a successful completion within a challenging timescale.”