Management buyout of Sports Spread and Supreme Odds

Spread betting firm World Spreads has sold the sports betting sideof its operation to Fergus Rice who currently heads the SportsSpread Betting and Supreme Odds division. The €1.75 million management buyout deal has reportedly been extremely beneficial for World Spreads as there were doubts expressed in the industry as to whether a suitable buyer of the sports betting side would be found.

World spreads had decided to sell the standalone sports betting division because of poor financial returns of sports betting in comparison to their spread betting operation. The sale which will depend on the Sports Spread and Supreme Odds hitting earn out targets over the next three years. The deal will see World Spreads receive an initial payout of €250,000 with the remainder €1.5 million earn out being payable by the end of the three year term should the sports betting divisions manage returns of in excess of €4.5 million.

Sports Spreads offers online and telephone sports spread betting on a range of sports betting markets including; soccer, cricket, rugby union, snooker, soccer, GAA hurling, politics and boxing. Sports Spreads has been established since 2000 and is based in Dublin, Ireland.

Supreme Odds offers fixed odds sports betting on both UK, European and International football games, US football, golf, greyhound racing, Rugby league and union games, snooker tournaments, lottery games and specials.

The sale of the sports betting side of the organisation will allow World Spreads to concentrate on growing their financial betting operation which is developing rapidly. Although this will be a new era for World spreads as they started originally as a sports betting organisation, it is believed that concentrating on a single market will be good for both sides in the deal. Certainly the employees of Sports Spread and Supreme Odds will be relieved as there will now be no need for any job losses.