Mon, 14 Jan 2013 | DIVISION SALE
Rank Group is undertaking a review of its troubled online sports betting business Blue Square, which is expected to be placed on the market.
Loss-making Blue Square was purchased by Rank in 2003 for £63 million and the owner is thought likely to make a large loss in a sale.
Blue Square has about 100,000 online customers, yet has fought to compete against the online business of more traditional bookies such as Ladbrokes and William Hill. The business also needs continued marketing to drive sales.
Rank had reported in October that sales at Blue Square had increased by 19 per cent in the 15 weeks to October 14, but this had been partly attributed to a £2 million campaign that would affect profits.
The firm acts as supplier to 888.com’s sporting book and also buys its technology from there as well. It is thought 888.com would make a likely bidder for Blue Square.
A sale would enable Rank to focus more on its casino and bingo brands, Grosvenor Casino and Mecca.
It is expected that the government’s decision to change the taxation of online gambling in 2014 will lead to consolidation with smaller businesses being driven out of the market.
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