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.

VIP Casino is holding a Freeroll Roulette Tournament throughout the month of August. Though known for their monthly tournaments, this month VIP casino is waiving the entry fee. That allows players to enjoy online gambling without putting any of their own money up front. Anyone who enters the free tournament is credited $500 to play with, though they do not have the option of cashing in that amount. It is a short tournament, with players being given 10 minutes to increase their chip count to its maximum value. The players atop the leader board at the end of the tournament take home a number of prizes.

There is a guaranteed prize pool of $2,050 for the tournament. The first-place winner is awarded $600 and the player in second place wins $400. Players who finish from third to twentieth take home $50 each. I guess anyone who spends their month online gambling and then finishes a few points behind the second-place player will feel pretty bad, since there’s such a big drop in prize money. However, online gambling is really more about the fun of playing the games and the thrill of winning than it is about making money, anyway. If your goal is simply to turn your money into more money, the stock market would be a better idea. At the end of the day, though, anyone who partakes in online gambling and comes away ahead, even if it’s only by $50, can call themselves a winner.