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October 17th 2006
UltimateBet network sold to Maltese company
Excapsa Software Inc., the company behind the gaming network that counted UltimateBet on its books, has announced it has accepted a $130 million buy out for all shares of its subsidiaries Game Theory Holdings ltd. and Excapsa Services Inc. The company behind the buy out is called Blast Off Ltd.
Being a publicly listed company Excapsa was always expected to have to make changes after the Unlawful Internet Gambling Enforcement Act (UIGEA) was signed into law. In a company press release two main reasons were cited for the sale. First the statement said that the new operating conditions imposed by the law were simply too much to overcome. Second the company wanted to maximise its value for stockholders.
What makes the sale particularly interesting is that the debt will be paid off in monthly instalments, under the condition that none of the money for the sale should come from the US market. Whether this means Blast Off Ltd. will be required to withdraw from the US market is not clear, but it certainly raises the possibility that US users will eventually be barred from UltimateBet.
Submitted: 17/10/2006 11:12:29
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