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Take the risk, earn the reward....
The news this week that BSkyB had paid GBP96 million for the 365 Media gambling and sports group reaped rewards not only for investors, but for the man who took the risk of building the group from a low base into an enterprise that has over 9 million regular visitors.
The UK newspaper The Daily Telegraph reports that web entrepreneur Peter Dubens is set for a GBP10 million windfall after agreeing to sell his online sports information and gaming company to the television broadcaster.
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Dubens founded the group, which was previously called UKbetting, in 2001 and spent GBP1.5 million of his own money buying 14 loss-making companies whose valuations had plunged after the dotcom crash. Hard work and business expertise were needed to turn the companies around and weld them into a profitable and popular business.
365 runs gambling and sports websites including Football365 and sportlinglife.com, together with the online gambling site UKbetting.com. The latter does not take bets from US residents and has therefore been sheltered from that country's crackdown on internet gambling, unlike many of its rivals.
On announcing the agreement, Sky chief financial officer Jeremy Darroch said: "Bringing together 365 Media's extensive network of sports and gaming websites with our own Sky Sports and SkyBet businesses will allow us to reach a broader audience."
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