LONDON (ShareCast) - (Sharecast News) - Gaming marketing and operating company B90 Holdings has agreed with Entercreation to acquire certain assets, including the domain, business intellectual property, and 100% of the operations of online sportsbook and casino Spinbookie, it announced on Wednesday.
The AIM-traded firm said it had also raised £0.56m before expenses through a subscription of 4,973,333 new shares with some existing investors at a price of 12p each.

It described Spinbookie as a newly-established, fully-operational website operating on the gaming software developer platform BetConstruct.

Spinbookie had "fully functional and compliant" payment options implemented, and operated under a Curacao gambling licence.

B90 said Spinbookie would be operating in "different and complementary" markets to its existing operations, including expanding its reach into new territories in South America.

Marketing agreements were already in place to drive traffic to Spinbookie, and the combined business would benefit from the company's existing agreement with Nordic Group, announced on 23 August, as well as the acquisition of the affiliate website Oddsen, announced on 30 September, which would be used to drive additional traffic.

Spinbookie's existing full casino and sportsbook product covered "most major global sporting events", including a large range of live betting markets.

The company said the casino offering included suites from Microgaming, Evolution and other key casino suite providers, with the operations set to be handled using the existing Bet90 operational team.

B90 said consideration for the acquisition was being satisfied by the issue of an initial 8.6 million new shares, with a further 8.6 million shares to be issued to the vendor if the net gaming revenue of Spinbookie exceeded a cumulative amount of €0.5m within the first 12 months of completion.

Looking at the £0.6m fundraise, the company also said it had agreed with certain creditors to convert outstanding liabilities, and would settle them along with finders' fees, totalling £49,670, via the issue of 413,917 new shares at a price of 12p.

The firm said the net proceeds would augment its working capital, and facilitate the expansion of its operations and the launch of Spinbookie.

"The acquisition of Spinbookie continues the development of our business," said non-executive chairman Karim Peer.

"As the consideration is being paid in shares, the team is incentivised to drive future growth and profits by establishing a larger customer base."

Peer said the company believed it was a "good acquisition", as it was planned to accelerate its timeline to profitability, as well as adding a "valuable new domain" to its online real estate.

"By utilising our recently signed affiliate deal with Nordic Group, as well as our other, well established direct to customer marketing initiatives, we will introduce the Spinbookie brand into new and different markets, facilitating more growth and accelerating customer acquisition."

At 1029 GMT, shares in B90 Holdings were up 4.8% at 10.75p.

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