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Jersey hearing scheduled for today; Paddy Power buyout of Sportsbet approved

TAGs: Jersey, Paddy Power, regulation

jersey-hearing-paddy-power-sportsbetAfter last week’s dramatic u-turn, a scrutiny panel in Jersey will today hear what the Gambling Commission has to say on the delayed proposals to bring online gambling to the Channel Island.

It wouldn’t be far off the mark to criticize the island as being slow out of the blocks in terms of online gambling, Alderney and Guernsey already having burgeoning industries on their islands.

Deputy Mike Higgins called the meeting last week, after he explained that it’s important that the legislation is subject to extensive scrutinization.

This was the cue for squabbling, Senator Alan Maclean expressing worry that businesses would shy away if the legislation took any longer.

Maclean said, “We have businesses who are interested in applying for licenses here in Jersey. We have international brand name businesses that want to come and relocate here and that represents significant potential revenue for the island at a time when we desperately need it. It also represents the possibility of jobs and I’m just understandably disappointed that this decision has been taken.”

Ireland’s most renowned operator, Paddy Power, has today confirmed that their buy out of the remainder of Sportsbet’s shares has been unanimously approved.

Following an extraordinary general meeting this morning, Breon Corcoran told eGaming Review that “99.99% of our shareholders came down in favour of the buyout, which will proceed over the coming weeks.”

He added that, “The whole process has been successful from the get-go,”

The acquisition will be good news for the Irish bookie as they look to continue expansion into overseas territories, and the final payment leaves them €100.9m out of pocket.

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