Suddenly, companies that had been valued in the hundreds of millions of dollars just several months earlier were valued in the hundreds of thousands. The dot-com crash had begun to attract the attention of the so-called second wave of Internet entrepreneurs.
Among these was Peter Dubens, who had made a fortune by acquiring the exclusive rights to sell heat-sensitive T-shirts in the United Kingdom. The shirts became a popular novelty item, and netted Dubens several million pounds after selling the business to Coats Viyella. Later, Dubens entered the Internet access market with the purchase of Pipex, which, having been founded in , laid claim to being the oldest independent Internet service provider in the United Kingdom.
Despite the difficulties of the online market at the beginning of the s, Dubens recognized the continued potential of the sports-related and gaming sites. The latter market had become all the more attractive after the British government, which had maintained stiff duties on gambling in the United Kingdom, finally abolished betting-related duties and taxes.
In , Dubens joined with Eric Semel, who had worked as an executive in the gaming industry in Las Vegas , Nevada , and who was also the son of then Yahoo! CEO Terry Semel, to form a shell company for a new investment plan. While Dubens and Semel had not yet revealed their business strategy, Ukbetting.
Although Ukbetting. Following the Ukbetting acquisition, the company placed its shares on the AIM in We operate in the fields of audio, video and mobile content provision — with particular emphasis on sport; betting and gaming; sponsorship and advertising; affiliate marketing; retail audio-visual broadcasting and maritime communications. Dubens and Semel then completed their first acquisition, of Sportscard, a company specialized in sports-related credit card services.
The second was an extensive database of dedicated sports enthusiasts. Ukbetting went in search of content. We deliberately chose a time to complete a number of deals when the market was bottoming out around us. Dubens and Semel proposed adopting the business model pioneered to some extent by Sportinglife. With a dual focus of online betting and gaming on the one hand, and the operation of sports-related content sites on the other, the company hoped to generate gambling revenues by luring potential gamblers through from its content sites.
While Sportinglife had put this model in place, it had done little to market the concept, relying only on its main Sportinglife site. Dubens and Semel quickly located their next acquisition target. The deal failed to go through, however, and soon after Sportal itself had collapsed under its debt load, despite receiving a new cash injection several months earlier. Under the acquisition, Ukbetting acquired the Sportal brand, including its sportal.
The company also streamlined the Sportal operations, turning it into a profit generator in its own right. In the meantime, Ukbetting continued to seek out acquisition opportunities. That company had at one point been valued in the hundreds of millions at the height of the dot-com boom. We announced the cost because we thought it significant that we paid a small amount for the business in terms of what it means to our operation.
Ukbetting continued to add to its portfolio of sports-related sites in In July of that year, the company succeeded in wooing majority control of Teamtalk. Also in that year, Uk-betting boosted its technology, reaching an agreement to integrate the live, real-time betting platform developed by Global Interactive Gaming GIG , formerly part of the KirchMedia group. In the meantime, the arrival of broadband Internet access had begun to herald a new era in the online market.
If initially the company had focused its revenue generation through its gambling sites, it saw new opportunities from its content sites. Broadband access not only encouraged people to remain online longer, it also enabled the addition of new forms of media and content offerings, further captivating Internet users.
Management stressed that the group continues to face uncertainty around the timing of the resumption of sports, the reopening of betting shops and customer migration to online, customer demand for gaming products as sports return and the ongoing consumer demand impact from global economic contraction. Registered in England with Company Registration number You can contact us here. Data delayed 15 minutes unless otherwise indicated.
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