Gambling.com Expected To Sell For Over $10 MillionNovember 26, 2010 8:19 am
Media Corp has put the domain name Gambling.com up for sale and is expecting to raise a significant amount of money in order to funds new business opportunities.
Commenting on the proposed sale, CEO of Media Corp Justin Drummond said:
“Whilst the Group has significant cash reserves, we have recently seen a number of exciting acquisition opportunities in the online gambling and online advertising space. The successful sale of gambling.com will give the Group significant financial resources to pursue these acquisition opportunities.”
Online Media Corp is one of the UK’s leading internet media companies and specialises in website publishing and online advertising. It also has a record of buying, then selling domain names for a profit, and its successes in the past include selling Casino.co.uk for £3.62 million ($5.7m) and Casino.de for £338,58 ($532,84).
However, Gambling.com is a domain name right at the top of the booming online gambling industry, whose name alone would be capable of driving millions of customers to the website with estimates.
Gambling.com was established in 1997 and has since become a market leader in distributing online gambling information, news and exclusive offers.
Online domain specialist Sedo Holding AG has been tasked with selling Gambling.com and its final price at auction is expected to raise in excess of $10 million. Last month Sedo sold Sex.com for $13 million and was now looking forward to turning their attentions to Gambling.com. Commenting on the intended sale, CEO of Sedo Holding AG, Tim Schumacher said:
“We are very pleased to have been chosen as the exclusive broker for the sale of Gambling.com. A defining domain name like this can enable a brand to own their vertical and would be a fantastic addition to any gaming or gambling business. Gambling.com is a safe bet, it has traffic, branding, and instant memorability.”
Media Corp produced £25.6m in revenue for year ended September 30th 2010, with a profit recorded of £6.3 million. Shares in the the AIM-listed company rose 6.25% shortly after the announcement of the domain name’s intended sale.