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Up on the Chopping Block

Although the online casino gambling industry is flourishing right now there are still casualties in the internet gambling industry that stem from the recession as well the natural progression through the industry as some sites survive and others are forced to close down their virtual doors. Leisure & Gaming is one of the land and online casino gambling groups that has been a part of the market for quite some time and so it comes as a bit of a shock that the gambling group is folding under. The newest information from L&G indicates that the internet gambling group is selling off all of its assets over the coming months. L&G was very active in the internet betting side of the industry while also running land betting shops throughout Italy and Cyprus.

L&G has been on the brink of this collapse for several months now which was first truly indicated by the fact that the company stopped trading on the London AIM exchange in May and now has just enough capital left to continue running all of the land and online casino operations for about two more months while the company seeks out buyers for the company’s various aspects. A loan facility put up the Euro 300,000 that L&G needed to see itself through the coming two months so that the company can actually sell the assets rather than folding and losing all of the brand value in the company’s land based betting shops and particularly the Betshop.com, Betshop.gr and BetshoptItalia.com online betting sites.

The company has been suffering from these cash flow problems for many months now and the situation was compounded by the fact that it could not operate up to full capacity during the World Cup games as was anticipated because of the company’s lack of cash to cover all of the potential bets from land and online casino operations.