Sun International has announced the proposed purchase of Powerbet Gaming, the operator of interactive betting site Voltbet.com for R30 million, demonstrating the exponential growth of the online sports betting industry around the world and in South Africa and its current and potential impact.
A hotel and gaming group, with properties including Cape Town‘s GrandWest Casino and the Monticello Grand Casino in Santiago, Chile, Sun International has extensive experience of the land-based gambling industry and it has now recognised the vast potential of online and mobile wagering.
In the six month results posted on 28 February 2013 by Powerbet, Voltbet.com‘s Gross Gaming Revenues (GGR) were reported to have improved by 51% over the comparative review period, posting revenue of R2.4 million at a 60% improved operating margin of 6.39%.
The figures are particularly impressive considering that Voltbet has yet to implement a horse racing product or a fully developed in-play offering. In-Play betting is now approximately 60-70% of turnover for online bookmakers in Europe.
According to the official announcement “œVoltbet.com is in a rapidly expanding industry in South Africa… Sun International is ideally positioned to take Voltbet.com through its next growth phase“.
News of the deal generated headlines in the international igaming press, with Gaming Intelligence and iGaming Business among the publications to report on the agreement.
