Online sportsbooks in France have not been enjoying the best of times and one of them, BetNet, was recently declared bankrupt and placed under The Commercial Court of Compiegne control.
France gambling news reports that the sportsbook has now been purchased by renowned gambling operator France-Pari for an undisclosed consideration fee.
France-Pari acquired the brand, the domain name and the database of 13,500 punters, out of which 4,000 are considered to be “truly active”. The operator is expected to keep one out of every four staff at BetNet. The acquisition move allowed France-Pari to double its existing player base.
The troubled situation on the French gaming market comes as a result of widely unpopular French gambling laws. More and more industry players and even regulators voice their disagreement with the government’s approach to gambling taxes.
The present level of taxation makes it virtually impossible for any French or foreign operator to provide their services to French gamblers and still generate a profit. This is the primary reason for many operators going bankrupt or simply leaving the French gaming market.
BetNet president, Patrick Barbe, commented the deal: “Sorry to let go of a good product but we are happy that the activity continues and no-one was badly affected.” Barbe joined other prominent industry figures in criticizing the lack of an open French online horse race betting market and draconian taxation regulations.
BetNet punters will be given a France-Pari account, to which they can transfer their existing accounts and funds once the sportsbooks goes live again.
Herve Schlosser, founding president of France-Pari, is confident that the operator will be able to conquer the online horse race betting market with the help of a partnership with Zeturf. The new collaboration will create a strong enough entity to compete against an 85 percent strong market share of Pari-Mutuel Urbain.