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Sky City bets on another Aussie venture

By Phil Boeyen, ShareChat Business News Editor

Thursday 20th July 2000

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Sky City is buying a 33% share of online Australian betting company Canbet.

The company says Canbet is currently one of the leading international online wagering sites in Australia with turnover forecast to grow to A$225 million in the next twelve months.

Sky City MD, Evan Davies, says the company's investment in Canbet is a logical extension of its Australasian growth strategy. It also owns a casino in Adelaide.

The share placement will raise a total of A$39.1 million in new capital.

Canbet chairman, Richard Farmer, claims his company is one of the few e-commerce businesses listed on the ASX which has the potential for significant profitability in the near term.

And he believes the internet will continue to capture a good chunk of the sports and horse betting market because punters can place bets from home, then watch the outcome on television.

"The advent of 24-hour television coverage of sporting events in many more countries is likely to increase the appeal for online betting products', he says.

Sky City's investment of 33 percent will match the investment of Cullen Investments Limited and other strategic investors, with the balance held by the public.

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