International All Sports (IAS) has just revealed the sale of their Canbet online site. The company will be sold to Yin Khing Investments Unlimited.
Yin Khing is operated by Patrick Tay and Elson Yin and are based out of the British Virgin Islands. The price for the online service will come to $758,792.
Canbet is a gaming and wagering company based out of the United Kingdom. It was launched in 1995 and currently owns and manages licensed Racebooks, Sportsbooks, Exchanges, Casinos and Poker Rooms around the world.
The reason for selling off the online company was due to many changes that are occurring, including online gaming laws.
“The Canbet business has had a number of operational challenges particularly following the changes to gaming laws in the United States and unsuccessful strategies to grow our European sports operation,” said Barry Coulter, Chairman for IAS.
“The sale of Canbet presents an opportunity for IAS to refocus on our core Australian business. This transaction transforms IAS from a global operation into a more focused and profitable niche player in the Australian racing industry.”
Keeping this in mind, Cantbet austrailia will still remain under jurisdiction for IAS as one of its local interests. They also will continue to manage AusTote for the same reasons.
“As previously announced, several parties have been subject to standstill agreements in relation to trading in IAS shares,” read a statement from IAS.
“As a result of the Canbet sale and ongoing changes in industry dynamics, particularly the impact of advertising and product fees, the IAS board of directors has agreed to release all companies currently bound by standstill obligations.”
Due to the sale of the online casino gaming property, IAS will benefit by approximately $303,000 per month of which would have had to have been used for investing into the Canbet property. The sale will not be finalized until third quarter of this year.
