All the furore and scandal currently surrounding online gambling might give some lawyers a few moments’ pause before continuing to act in the sector. It certainly did for Mischon de Reya, which got cold feet and dumped troubled BetonSports as a client early in the year. But it hasn’t been enough to stop some firms.
Berwin Leighton Paisner (BLP) has long been active in online betting (by providing legal advice, of course). The firm’s latest feat is to act for Trident Gaming on the sale of Gamebookers, an online sports betting business, to Party Gaming for €105m (£71.28m).
BLP corporate finance head David Collins, a doyen of online gambling, also led the advice when Trident acquired Gamebookers last year, and Freshfields Bruckhaus Deringer, led by partner David Crook, was happy to pick up the work advising Party Gaming on this transaction.
Collins declares: “Leading companies in this industry with significant US business have for some time been declaring their ambition to extend their geographic reach and range of products.”
With the BetonSports furore far from over, and online gambling struggling with a reputation of being something of a shady industry, how long until the bubble bursts?