Australia's first regulated online casino, Lasseters, has announced a merger with publicly listed Gocorp Ltd to aggressively compete in the global gaming market.
The merger will create an online global player base of more than 100,000 with licences that can be used in overseas jurisdictions.
Lasseters Holdings Ltd will hold 75 per cent of equity appointing six directors to join three from Gocorp.
Lasseters managing director Peter Bridge said Gocorp "brings to the table excellent technology and $5 million cash."
"Online gaming is a successful e-business model and the merged entity will have a strong track record for growth, a broad global player base and growing revenue stream; it will not carry the risk associated with a start-up technology company," he said.
Launched in 1999 Lasseters achieved turnover of more than $130 million and gaming revenues in excess of $7 million in the six months to December 31, 2000