SBC News Voice of the Sports Betting Industry
Pinnacle Sports one of the oldest online betting operators has been sold to undisclosed buyers. The sale of the Curacao licensed sportsbook was overseen by Las Vegas based M&A firm Alternative Trading Partners (ATP), who advised shareholders on the sale of the controlling interest in the business.
ATP have not disclosed any information regarding the buyers or the deal value for the acquisition of Pinnacle Sports. At present the only information known on the buying party is that they were advised by London law firm Mayer Brown.
Commenting on the sale of Pinnacle Sports, ATP Managing Directors Thomas Brunet and Kyle Carlston said,
“The sports betting industry is maturing and moving towards the direction of modern financial markets. Pinnacle Sports has always been, and still remains to this day, at the forefront of this evolution. Offering the tightest lines with the highest limits, Pinnacle Sports is one of the most respected bookmakers with its ever evolving proprietary trading system at its core. It took a buyer with a forward-looking vision and financial background to bring this transaction to a successful conclusion.”
The Sale of Pinnacle Sports, comes after a year of restructuring its operations. In September 2014 Pinnacle Sports management announced that the company would no longer accept UK wagers due to changes in UK taxation concerning online gambling.
Pinnacle Sports has proven to be a popular destination for high value sports betting consumers, as the bookmaker has implemented a high wager strategy on its sports betting operations.
