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Merge talks for gambling companies .
Two of Australia’s most successful bookmaking and punting entities are planning to join forces.
The Executive Chairman of IASbet Limited, Mr. Mark Read, announced today that the company had entered into a Heads of Agreement to acquire one of Australia’s oldest and most successful wagering investment companies Ferncourt Pty. Ltd.
Ferncourt has built a successful and profitable track record, in Australia and internationally, through the use of high level technology and extensive databases.
The company’s principal shareholders John, Greg and Rick Manuel, the driving force behind Ferncourt’s international reputation and success over the last 20 years, have agreed to join IASbet for a minimum of five years and to bring their current key employees.
All of Ferncourt’s extensive databases and intellectual property will be acquired as part of the merger.
“This will add significantly to IASbet’s proven in-house expertise and world class databases, and its Wagering Investment Division will become the country’s largest investor on Australian and international racing,” Read said.
“The amalgamation of these two successful organisations will return significant value to IASbet and its shareholders.
“The acquisition will be completed through a mix of cash and equity, with appropriate restrictions attached for some years to the new shares. The acquisition is subject to due diligence on Ferncourt’s affairs being concluded by IAS to its satisfaction, and the execution by all of the shareholders of Ferncourt of a formal share purchase agreement,” Read added.
can anyone get the offical company reports of this deal and specifics into if/how they will integrate their HK betting or any other overseas betting operations.
cheesebeast
29-04-2003, 12:37
Big names take a punt on global gambling
April 26 2003
By Tony Bourke
In what could be a world first, two of Australian racing's biggest names in bookmaking and punting have joined forces to take on international gambling markets.
It was announced yesterday that Mark Read's Darwin-based International All Sports (IASBet Ltd) would merge on May 1 with Adelaide firm Ferncourt Pty Ltd, run by the Manuel brothers, who are widely recognised as Australia's most successful punters.
The combination of the traditional enemies has brought together a formidable mix of expertise. All Ferncourt's databases and intellectual property will be acquired as part of the merger. Read said Ferncourt employed up to 40 people and IAS had more than 100 employees in its Darwin and Melbourne offices.
He said the Manuel brothers in recent years had targeted Hong Kong racing as well as the local market.
Read said IAS now held more money on international soccer than racing in its $500 million annual turnover, which he expected to double in the next year.
He said it would also bet on US and English racing as well as increase its business in Hong Kong and Singapore. "We'll become Betfair's biggest customers," Read said, referring to the British-based betting exchange that now has a big clientele in Australia.
He said the "old model" of bookmaking in Australia was "dead and buried".
"Bookmaking in Melbourne hasn't changed since I left here 23 years ago," Read said.
He pointed out that British-owned bookmaking firm Sporting Bet, also based in Darwin, now had a turnover of $4 billion a year.
Read said there was no point in bookmakers and TAB crying foul about Betfair and the like.
"You've got to give the customers what they want and racing should be embracing new ideas," Read said.
UK gaming to cut red tape?
28 April 2003
The UK government is to push through new laws on ''remote gambling'' with the aim of creating a regulatory structure designed to make Britain the world''s leading gaming and gambling territory, it was reported today.
New Media Zero, part of the Centaur Publishing Group, claims that the new regulations will be put into force when the winter session of parliament is opened this autumn. The Department for Media, Culture and Sport is set to release a paper this week titled ''The Future Regulation of Remote (Internet, WAP, 3G, iTV) Gambling'' outlining the regulations that online gaming companies based in the UK will need to abide by. The move is designed to encourage gaming and gambling companies to relocate in the UK. Until now, British-owned online gaming companies have based themselves on offshore sites such as the Isle of Man and Gibraltar - which have more relaxed legislation on online gambling.
A number of US gaming giants are also expected to be watching developments closely with a view to launching operations in the UK. Under the new proposals, companies applying for UK gaming licenses will need to abide by regulations guaranteeing that their service is technically reliable with secure payment methods that cannot be accessed by minors.
WHILE AUSTRALIA TWIDDLES ITS THUMBS
“We’ll become Betfair’s biggest customers,”
All Sport embraces betting exchanges
25 April 2003
Two of Australia’s biggest bookmakers, Darwin-based International All Sports and Adelaide firm, Ferncourt Pty Ltd, are to join forces it was announced earlier today. All Ferncourt’s databases and intellectual property will be acquired as part of the merger.
The move is part of International All Sport owner Mark Read’s policy to “move with the times.” Referring to the burgeoning growth of betting exchanges such as Betfair - which allow punters to ‘lay’ bets with other punters online - Read said that the “old model” of bookmakers in Australia was “dead and buried.” Read said that there was no point in bookmakers and the TAB crying foul about Betfair and the like: “We’ll become Betfair’s biggest customers,” he said, referring to the British-based betting exchange that now has a big clientele in Australia. “You’ve got to give customers what they want and racing should be embracing new ideas.”
25 April 2003
The future of I-gaming in the United States hangs in the balance as two competing bills take centre stage in a US House of Representatives subcommittee next week.
Rep. James Leach, R-lowa, in his latest bill designed to outlaw Internet gambling in the US, and Rep. John Conyers, D-Mich, whose bill would create a commission to study the feasibility of legalizing and regulating online gambling, are scheduled to appear before The Judiciary Committee’s Subcommittee on Crime, Terrorism and Homeland Security on April 29.
The Leach bill, which would prohibit online gambling merchants from accepting credit cards, electronic money transfers and a variety of other bank instruments as payment from US residents, was passed March 13 by a voice vote in the Financial Services Committee.
Meanwhile, Conyers stoked up the debate ahead of next Tuesday’s showdown by comparing the attempts to prohibit gambling to alcohol prohibition in the 1920’s: “Today, Congress is rushing to pass a similar ill-conceived prohibition of Internet gambling,” he said. “Gaming prohibitionists believe they can stop the millions of Americans who gamble online by prohibiting the use of credit cards to gamble on the Internet. Just as outlawing alcohol did not work in the 1920’s, current attempts to prohibit online gambling will not work either.”
“We’ll become Betfair’s biggest customers,”
Fresh Meat....yee ha!
cheesebeast
29-04-2003, 13:51
Anyone know much about these Manuel Brothers, who are widely recognised as Australia's most successful punters? Can't find much on them or Ferncourt Pty Ltd. It seems they are already punting in HK.
i know they are up in HK - have heard mixed reports on the success up until this season in which they are rumour to be doing well.
Who was the team that came to HK from Aussi with a fearsome reputation & on there 1st full day in HK went to the IRD building & wanted to register to pay tax on all there expected winnings........was that the Manuel bros ?
lunatics - maybe it was! :o :eek: :confused:
zeditave
01-05-2003, 01:14
cheese,
They are an Adelaide-based operation, at least 30 staff on board and very efficient. When they punt with bookmakers, they bet big and they all take notice. I know that HK racing is part of their portfolio, but couldn't tell you how much.
For Read, I see this as quite a good deal - particularly in sport, rather than racing. IAS have always struggled with sport as compared to racing, rarely turning a profit on it. The expertise of these guys will lift them up a few notches.
I doubt the share market will understand this for sometime, so expect the price to drop/remain low for a while.
Adelaide firm Ferncourt Pty Ltd, run by the Manuel brothers, who are widely recognised as Australia's most successful punters.
in their dreams maybe!!
I sense some hostility Hobbes??
I thought that Zeljko and the Tasmanians were the biggest punters in Oz.
maybe for the reason zawhead pointed out. he even got the spelling correct which is very rare, but surely he is not one of them or Z might smack his ears for even mentioning his name.
whilst on the subject of hostility what have you got against the Dutch zawhead ??
Seabiscuit
02-05-2003, 13:43
Biggest or most successful punter in Australia or HK or USA or wherever is one of those titles nobody ever knows the answer too. Although some people like to think they do. Journalists who write stories always like to make out that the subject of their current story is the "most successful......".
Why doesn't Mr Z want his name mentioned Hobbes? Is he short tempered or just extremely secretive?
Nothing as such against any people hobbes
Just a problem with stupid authorities
We can safely satisfy ourselves that The Biscuit is not a journalist then...or he would indeed know the answer to that question...
Seabiscuit
02-05-2003, 14:29
I did not know that you were wondering if I was a journalist Fedora. You're right - I am not a journalist.
What is the answer to the question then?
Is he short tempered or just extremely secretive?
He is extremely even tempered but does not want his name mentioned in the media or even over the internet ( i have been chastised for same not only by him but also the american one when Mr. Z has snitched on me ).
Although some people like to think they do.
i think i could answer that question for several countries with a couple more coming down to 2 contenders.
Handy Harry
16-05-2003, 13:44
By Les Kennedy
May 16 2003
Vivien Feng allegedly took high rollers at Sydney's Star City Casino to the cleaners, robbing them of almost $250,000 in American and British currency.
But the Hong Kong resident and gambling tour hostess, who was staying at a hotel at the casino early this year, couldn't believe her luck when a detective handed her back her passport.
She had already surrendered it as part of "police bail" that required she live at a Sydney address while awaiting a court hearing on stealing charges. By the time NSW police discovered their error in late February, Feng, 29, had flown to Hong Kong.
The bungle only came to light when her solicitor sought a bail variation for her passport's return - after she left the country.
The deputy chief magistrate, Graeme Henson, was not impressed when the matter came before him in the Downing Centre Local Court in February.
"I'm sorry, but I'm not in the business of shoring up decisions made by police," Mr Henson told police prosecutor Sergeant Brian Murray, who was not involved in the return of the passport. "If they want to return her passport to her then be it on their own head, but I'm not going to be involved in sanctifying, for want of a better term, that sort of conduct.
"She was subject to bail. Her passport could only have been returned with an order of this court. I don't know what Sergeant Murray has to say about that to his superiors."
Mr Henson then accused police of "double standards" when it came to their own issuing of bail before matters reached a court.
His criticism came as the NSW court system - particularly local courts - is subject to ongoing criticism from police, the police union, the Government and Opposition over its handling of bail.
But senior court sources have told the Herald the criticism levelled against magistrates for being too lenient with bail was unwarranted.
A Government-police working party aimed at toughening the Bail Act has been established. The sources said the campaign for tougher bail laws had been driven by ill-informed sections of the media.
Figures provided to the Herald show that of 45,000 bail matters dealt with by the local courts last year police appealed only 12 cases and the Director of Public Prosecutions appealed 18.
And the latest numbers from the Bureau of Crime Statistics and Research show the bail refusal rate rose 97 per cent between 1995 and 2001.
Mr Henson did not miss his opportunity to take aim at those who complain about bail decisions, and seemed keen to know who was behind the campaign.
He asked the prosecutor: "The NSW Police Service or Police Association [union] or The Daily Telegraph or all three?" - "It was the association."
Mr Henson: "Was it? Do you think the informant [detective who laid the charge] might be a member of the association?" - "I'm sure he is."
Mr Henson: "There you go. Nothing like double standards in the new millennium."
Feng has returned to Sydney and been granted continuing bail on condition she not leave the country pending the next hearing.
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