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£20m jackpot for Paradise Poker's three founders

7 Nov 2006

CANADA -- As reported by the (UK) Guardian: "Three Canadian founders of Sportingbet's Paradise Poker business yesterday shared a payout worth more than £20m after operating profits reached a milestone.

"The payout was triggered after Paradise Poker achieved an operating profit contribution of $150m in the two years since it was acquired by Sportingbet. The milestone was reached shortly before US legislators passed new anti-gambling laws last month, sparking an exodus of operators from America - until then the largest online betting market in the world.

"...The Paradise payout was made to Bonaire, a British Virgin Islands company, believed to be controlled by three Canadian technology experts. They remain Sportingbet's second largest shareholder, with 11.5%, but their identities have been kept hidden..."

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