Paradise Poker founders hit jackpot
The three Canadian founders of Paradise Poker have received a payout of more than £20m after reaching performance targets set two years ago when it was acquired by Sportingbet. Paradise Poker has achieved an operating profit of £79m in this period.
After the crackdown on online gambling in the US, Sportingbet have since withdrawn completely from the US market, resulting in a massive one-off hit of £210m, wiping 80% off its poker revenues.
Sportingbet, along with many other online gaming operators, will focus their attentions on the European market with many multi-language sites being introduced, hoping to regain the lost revenue gained from redundant US players.
The founders of Paradise Poker, who own Bonaire, received a cash payment of £102m and 56.6m shares in Sportingbet when they decided to sell Paradise
Poker but their identities remain unknown.
Editor, Jackpot.co.uk - 2006-11-07 11:52:35