Swedish sports betting and iGaming group Betsson AB is acquiring Georgian betting operator Europe-Bet for million.
After the deal is closed, Betsson will become the second-largest betting operator in Georgia, taking 30 percent market share as the gambling group takes over Europe-Bet’s online and retail betting divisions. Betsson confirmed with SBC News that it had attached an additional $35 million to its acquisition deal should Georgia’s gambling regulation remain unchanged.
“Europe-Bet has established a strong brand with a competitive multi-product offering in the locally regulated market of Georgia,” said Magnus Silfverberg, president and CEO of Betsson. “Together with Betsson’s technology, a foundation for profitable and sustainable growth within and outside Georgia is created.”
According to SBC News, Europe-Bet recorded 2014 pre-tax revenues of $20 million, of which $18 million was attributed to its online operations. The Betsson acquisition deal corresponds to a 2.5 EBIT value of Europe-Bet operations.
