Australia’s first regulated online casino, Lasseters Online, and listed company Gocorp Limited, announced they will merge to form a new company. Gocorp operates AusVegas online casino, which recently closed due to Australia’s Net gambling moratorium.
The merged company will have a global player base of more than 100,000.
Lasseters Holdings Limited will hold 75 percent of the equity in the merged entity and the current shareholders will hold the remaining 25 percent. Gocorp will acquire 100 percent of the equity in Lasseters Online (a division of Lasseters Holdings) and in return issue three shares in the merged entity for every one share in Gocorp.
“The proposed merger makes good business sense, because it injects the resources and capital Lasseters needs to support its global expansion,” said Peter Bridge, Lasseters Holdings Managing Director.
Bridge said Gocorp brings to the table excellent technology and approximately $5 million in cash.
“By adding Gocorp’s player base to Lasseters’ database of 95,000, the merged entity will achieve a critical mass that will continue to lower the cost of service delivery,” said Bridge.
Gocorp Chief Executive Officer Paul Appleby said the announcement is an important step towards fulfilling Gocorp’s objective to establish itself as a global leader in the online gaming space.
“Gocorp has always remained committed to responsible and regulated online gaming, and whilst the Federal Government’s moratorium halted our operations, I believe a merger with Lasseters Online will lead to the creation of a stronger entity capable of growth and ultimately leadership status,” Mr Appleby said.
Lasseters Online (www.lasseters.com.au) was launched in April 1999 and is regulated by the Northern Territory Government. In the 1999-2000 financial year, the business generated revenue of $5.4 million based on turnover of over $100 million. In the six months to 31 December 2000, Lasseters achieved turnover of more than $130 million and gaming revenues in excess of $7 million.
The merger is subject to the approval of Gocorp shareholders at an Extraordinary General Meeting in late March 2001 and other preconditions listed in the binding Heads of Agreement.
Best Places to Play Casino War Online
There are only two software providers that offer the Singapore Online Casino game of Casino War that I know of: Starnet and Real Time Gaming. Real Time Gaming calls the game “War” and Starnet calls it “Battle Royale.” It isn’t often that Starnet offers the best rules for any game but Casino War is a noteworthy exception.
For those those not familiar with the game the rules are simple. The player and dealer each get one card, the higher one wins. Cards are ranked according to their poker value and aces are always high. A win in the first round pays even money. In the event of a war the player may either surrender half his bet or go to war. If the player goes to war then he must double his wager and player and dealer each get another card. In the event the player wins the second round he wins even money on the original wager and pushes on the raise. If the player loses in the second round he loses both bets. Where the rules can vary is on a second tie. Most land casinos treat a second tie the same way as a second round win.
Both Real Time Gaming and Starnet use a single deck in Casino War. Real Time Gaming follows the conventional rules, resulting in a house edge of 2.42%. Where Starnet departs from the usual rules is paying 3 to 1 on the total amount bet in the event of a tie after a tie. This lowers the house edge to 0.66%, making Casino War, or Battle Royale as they call it, Starnet’s second best game after blackjack.
If you do try your luck at Starnet keep in mind they deal a very fast game and even with this comparatively low house edge your bankroll can go quickly.
