25 May 2012

Partnership deal for Worldspreads

20/07/2010 Robert Tyerman

Spread betting group Worldspreads is entering into a partnership for financial wagers with international on-line sports betting provider 188BET.

Dublin-based Worldspreads will provide Isle of Man-owned 188BET's clients with an online trading service at what are claimed to be 'highly competitive prices' in market indices, currencies, equities, commodities and other financial instruments.

188BET, which offers live bets on football and sponsors Bolton Wanderers and Wigan Athletic in the Barclays Premier League, regards financial spread betting as 'an obvious extension to our product offering', declares chief executive Andy Scott. The deal marks another area of growth for AIM-quoted Worldspreads, steered by chief executive Conor Foley, which increased pre-tax profits 666 per cent to £2.7 million in the year to March on doubled turnover of £12.9 million.

Foley argues '188BET is a genuinely global player and we are confident our product and service will prove extremely popular in Asian markets'. Worldspreads is already market leader in the UK and continental Europe.

Analysts see Worldspreads increasing pre-tax profits to £4.5 million in the current year, with £5.8 million on the cards for 2011-12. At the equivalent of 75.2p, they could prove to be worth a punt.

Tags: AIM, Deals & contracts, Growth Stocks

Sector: Travel & Leisure

Companies: Worldspreads (suspended on 16 March 2012)

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