On-line bookmaker Sportingbet.com has acquired Australia's largest private bookmaker, The Number One Betting Shop (Number One). Sportingbet paid an initial £11.6m in cash and shares, with up to a further £24m payable depending on Number One's performance in the two years to 1 April 2003. Number One primarily offers odds on horseracing and as of 31 December 2000, it had a database of 25,000 clients. The purchase provides Sportingbet with a presence in the large Asia-Pacific betting market. For the nine months to 31 December, Sportingbet's sales were boosted from £14.6m to £217.8m, although losses before tax widened from £3m to £4.4m. The company raised £18m on its move from Ofex to Aim at the end of January.