Having sold his strategy and guides to casino table games website www.wizardofodds.com to LatestCasinoBonuses.com for $2.35 million late last year, Michael Shackleford seems to be enjoying the fruits of his labor.
In an interview with casinoslots.net, Shackleford tells how he has gone from struggling entrepreneur with his sites in financial trouble last year, to a becoming a millionaire who is employed by the very company who purchased the site.
It was a deal LCB owner Josh Chan would normally not make. Instead of taking what he calls an “earnings multiplier” of 18-36 months to purchase the site, Chan cast aside the fact it wasn’t a big money earner for other attractive qualities.
“The site is great,” Chan told casinoslotss.net
. “Mike has built what is the best resource for understanding and teaching people how to gamble on pretty much every casino game one can think of, and google has given the site credit for just that.
“We would have loved to have paid 36 months earnings as a price tag but it just would not sell for that. So we valued the content and the traffic and we hope with some small changes to how the site promotes casinos we can see a much higher conversion rate.”
In the end it was a perfect match. Negotiations began when Shackleford was in trouble with Cypriot banks and finances were running low and a couple of months later the deal was struck. An initial $1.6m offer with a guarantee of at last three years employment was rejected. A second interested party outbid Chan who needed a business partner before making a higher offer and purchasing the site, leaving Shackleford in a comfortable position financially and secure employment.
“I’m glad it is all over and I’m comfortable with the decision,” said Shackleford. “My indifference point was at about two million, so the extra amount above that made it a lot easier for me to let go.”As Josh mentioned, another interested buyer came along at the last minute and made an offer. There were also a lot of offers to outsource to sales on a revenue sharing basis. However, both interested buyers were good groups and it pretty much came down to who wanted it more. In the end, I’m pleased it went to the LCB network and so far the transition has gone smoothly.”
Chan bought it with two other partners with stakes of 65%, 25% and 10% respectively. And while Mike will concentrate on writing content, with more of an emphasis on iGaming content and helping across the LCB network Chan has changes in store for the site.”We will initially make small changes we hope will lead to increased monetization,” said Chan. “Mike will now have more time to continue to produce the content on the site so expect more, not less great content.
But do not expect to be bombarded with ads and popups because that will never happen, we will be removing all the banners infact and replacing them with Mike’s recommendations.”