September 23rd, 2009 by admin

Worldspreads has offloaded its sports gaming division to its manager, Fergus Rice. The Independent newspaper’s statement indicated that the Irish casino gambling firm took this step after announcing its departure from the sector, this past month.

The company indicated on Monday, that the takeover was affected in favour of Rice for a preliminary disbursement of Euro 250,000.

According to the daily, Worldspreads is eager to recover from a slump in relation to the division, and was already considering writing off Euro 1.5 million relating to this venture, that did not do so well in the year that just passed. Even after recording an after tax revenue of Euro 350,000 for the financial year ending March 31 2008 on an investment of Euro 1.6 million, the sports division will report a loss in the current financial year, courtesy of ramshackle trading.

Worldspreads has set its eyes on a potential income of at least Euro 1.25 million pegged on the hope that their undertaking will rake in Euro 4.5 million in collective proceeds over the next three years test run period.

The independent revelation indicates that up to 98 percent of Worldspreads’ profits were accrued from the capital markets prior to the undertaking from the sport’s division with Ireland and the UK markets contributing at least 75 percent of its entire business. The corporation intends to spread its tentacles abroad through offshore representation especially in Greece and Malaysia.

Worldspreads CEO Conor Foley forecasts the next one and half years will see the company’s revenue created overseas.