WorldSpreads Shares Hit 52-Week High on Ladbrokes Deal18th February 2010 8:30 am GMT
In a significant deal for the company, WorldSpreads Group plc has announced that its UK subsidiary, WorldSpreads Limited, has signed an exclusive partnership agreement to launch a new financial spread betting service for UK bookmaker Ladbrokes plc.
Under the terms of the agreement, WorldSpreads will provide Ladbrokes with an online trading service offering spread bets on financial market instruments such as stock indices, individual shares, currencies, commodities and interest rates.
"Spread betting is an increasingly popular choice for people wishing to bet on financial markets - and we believe there is significant potential for a brand like Ladbrokes to extend its appeal to the broader betting and gaming market," said Christopher Bell, Chief Executive of Ladbrokes plc.
Ladbrokes will market the new financial spread betting service to its extensive database of customers under its own brand.
"This partnership is consistent with one of the long term growth strategies of the WorldSpreads Group to form alliances with companies that have complementary client databases," said Conor Foley, CEO of WorldSpreads Group. "We are confident that the financial spread betting product will be favourably received by the customers of Ladbrokes and we look forward to working with the team at Ladbrokes in building a new and proven revenue channel for them, and us."
Shares in WorldSpreads Group plc (Co. Profile) (AIM:WSPR) have so far gained 7.5% this morning, building on gains made yesterday to hit a new 52-week high of 83.50 pence per share.