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NIVEUS MAKES INVESTMENT IN BET.co.za

Online sports betting site BET.co.za’s form has attracted attention from serious players in the industry. Listed company Niveus Investments, a focused investment entity that controls, among others, Vukani Gaming Corporation and Galaxy Bingo, has proposed taking a significant share in the company.

BET.co.za rapidly gained traction soon after launching into the world of online sports betting. With online sports betting being a highly competitive business BET.co.za’s differentiator has been its depth of offer, better functionality of its website, and depth of market.

However, this hasn’t been sustainable given the competition, and it needed to up the ante. That’s where Niveus fits in: Vukani’s network of V-Slots offers more than 2 000 retail outlets for BET.co.za users where they will be able to place bets or put money into their accounts.

Niveus CEO André van der Veen said the BET.co.za investment would complement the current gaming interests of Niveus. “Online gaming will continue to grow and, while it is a small portion of the South African market, it is important to build our skill and knowledge in this segment,” he said.

The company has gaming interests in the form of VSlots, Luck@it, VBet, and Galaxy Bingo. According to Mr van der Veen, BET.co.za’s product offering and market brand made it superior to its competitors—and attractive to Niveus.

Once the deal is approved, Niveus will appoint a representative to the board and will play a role in the strategic direction and management oversight of the business. The executive management will perform the day-to-day running of the business.

“The proposed shareholding would provide us an opportunity to partner and work with a group that has innovative ideas for online gaming, not only locally but in other developing markets,” he said, adding, “BET.co.za also has a dynamic management team, which should enable it to grow into a large, successful business.”

Source: Posted by IT-Online on Dec 3, 2014