Interest Is Intense in Irvine’s NetBet.com
Irvine-based NetBet.com has seen interest in the company soar since it announced that one of its partners, a Cook Islands online gambling company, will open the first sports betting Internet sites specializing in Asian sporting events.
CSP Limited initially will offer betting on Japanese baseball games and plans to add wagering on events such as Sumo wrestling and soccer. NetBet has an agreement whereby it receives 80% of CSP’s net revenue. In return, NetBet.com supplies technology, marketing and financial consulting.
Since the deal was announced on May 13, trading volume in NetBet.com has soared: In the year before the deal, 157,000 shares traded on an average day. In the seven business days since the deal, however, average daily volume has zoomed to 1.9 million shares.
The stock’s price, however, still languishes at 24 cents a share, compared to 23.5 cents on the day before the announcement.
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