PartyGaming Has Victor Chandler in its Sights

Filed in archive Gambling General on August 20, 2006

Partygaming is one of three companies eyeing up one of the biggest names in UK bookmaking - Victor Chandler.

With £500 million still in the bank itching to be spent, there's a £300 million price tag on its Gibraltarian neighbour. Chandlers focuses markets such as Asia and Europe - both areas that Partygaming have been looking into to diversify away from the US.

Partygaming recently added European sportsbook Gamebookers to its roster for almost £70 million

Both Victor Chandler and PartyGaming refused to comment on a possible acquisition but well-placed sources confirmed PartyGaming's interest and said negotiations are likely to begin this September after Chandler returns from holidaying on his boat in the Greek islands.

Chandler, 55, inherited a floundering betting business after his father died. However, the business now has a £1.4bn turnover thanks to pioneering telephone betting.

He moved the business to Gibraltar in 1996 and trade took off. By doing this Chandler's avoided betting tax, incurring the wrath of Gordon Brown who abolished tax on punters' winnings as a direct result of Chandler's success.

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