Betcorp Limited is pleased to announce the completion of the acquisition of Oasis, a Curacao based US facing online sports betting and gaming operator.

Acquisition of Oasis Casino and Sportsbook

On 11 July 2006, the Company completed the acquisition of the business and certain assets of Oasis. The consideration payable is US$9.76 million, payable partly in cash and partly by the assumption of Oasis customer balances at the date of completion of approximately US$470,000. The consideration is being funded entirely from the Group’s internal cash resources. US$2 million of the consideration is deferred, payable 90 days after completion. The Board expects the acquisition to be immediately earnings enhancing.

Established in 1997 in Curacao, Netherlands Antilles, Oasis offers telephone and internet sports betting and internet casino to a recreational client base. It has approximately 56,000 registered customers, of whom over 5,500 were active in the 12 months ended 30 June 2006. For the year ended 30 June 2006, Oasis recorded (unaudited) gross revenue from players of US$7.4 million (sports US$3.6 million, casino US$3.8 million) on turnover of US$278 million (sports US$61 million, casino US$217 million) and net income of US$1.3 million.

Following the migration of Oasis onto the Betcorp operating infrastructure, the Group expects to make annual net operating cost savings of over US$1 million by fully integrating its bookmaking, customer service, IT, finance and marketing resources.