Financial spread betting business IG Group have taken the decision to sell their sports betting arm, Extrabet, and have recruited accountants PricewaterhouseCoopers to help them with the process. The business is thought to be valued at £20m, but who are they kidding? It accounts for 2% of their total business and this comes after Extrabet suffered a fall in revenue of nearly 30% over the last year.
Earlier this year Extrabet chief executive Arman Tahmassebi said there was “no talk of a disposal” of its sports betting arm. Arman was last seen hitching a ride away from IG Group’s HQ, walking off sobbing as if the wife had just left. Read more.