BUSINESS

Pinnacle Sports owners sell controlling interest in the company

TAGs: pinnacle sports, sports betting

pinnacle-sports-soldCuraçao-licensed online bookmaker Pinnacle Sports has been sold to unidentified owners.

Las Vegas-based boutique mergers and acquisition firm Alternative Trading Partners issued a notice on Thursday advising Pinnacle shareholders that an unidentified party or parties had purchased “a controlling interest in the business.” The only identifying data about the purchaser was that they were advised by Dublin’s FinRes and London law firm Mayer Brown.

Pinnacle has earned a reputation over the years for accepting wagers that other bookies won’t touch and is believed to be a particular favorite of famed/feared Nevada bettor Billy Walters.

Pinnacle withdrew from the UK market last year, apparently to avoid conflict with the UK’s new licensing regime. Pinnacle announced its withdrawal from the US market in 2007 but in November 2012, Pinnacle began IP-blocking US customers after being cited in a federal indictment involving Michael Colbert, the former VP of Nevada sportsbook Cantor Gaming (now CG Technology). Despite the media hoopla surrounding that case, Pinnacle’s alleged owners have either had their charges dropped or pleaded multiple felonies down to a single Class B misdemeanor.

In addition to being a preferred destination for betting whales and other sportsbooks looking to hedge their action, Pinnacle is notable for being the only online betting site ever mentioned on The Sopranos. Tony’s crew considered wire-room bookmaking a staple of their income stream – even if Christopher was one shit trader – hence Tony’s thinly disguised annoyance when a hip hop star explained he’d wagered $50k with Pinnacle on a boxing match. To his credit, Tony immediately offered to beat Pinnacle’s money line by 25 bucks.

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