By Will Sturgeon, 26 September 2001 07:31
NEWS Online gambling site Ukbetting has agreed a deal to buy Sportscard, a provider of credit cards for sports fans, in an all share deal valued at £4.4m. Ukbetting, which floated on Aim last month, will sell Sportscard's credit cards to gamblers on its site and do away with the current marketing strategy for the firm which recently announced annual losses of £4.6m on sales of £300,000. Sportscard customers earn loyalty points each time they use their cards and are able to put their points towards tickets for sporting events - Ukbetting will continue to offer this service. Ukbetting is offering two shares for every seven Sportscard shares - valuing Sportscard's shares at 8.9p. Shares in Ukbetting closed yesterday unchanged at 31p.
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