WorldSpreads Group is a spread betting financial firm in Dublin who recently announced they were selling their sports betting division. The sports betting division was sold for €250,000 to a management buy-out team led by Fergus Rice.

Along with the initial fee paid to obtain the sports betting division, the management team will compensate WorldSpreads up to €4.5 million over a three year span. It was just two weeks ago that the WorldSpreads Group announced they would be leaving the sports betting business.

The WorldSpreads Group saw a loss of €1.5 million as a result of trading issues. They also stated they expected to see a loss in their sports betting division by the end of the year. WorldSpreads released a statement saying that they had place their efforts primarily to expanding their financial spread betting business and the board of WorldSpreads felt that because the return from sports betting was getting smaller they should leave that part of the market.



- 2009-05-06