Swedish online gambling group Betsson has announced it will acquire Georgia-based Europe-Bet for US$50 million.
An extra $35 million will be paid in 12 months’ time, provided that gambling regulations in the Caucasian country remain favorable, the company said today.
The move will fortify the company’s strategic presence in the region, explained Betsson CEO and President Magnus Silfverberg.
As a result of the deal, Betsson will immediately become the second-largest operator in Georgia, with a 30 percent market share, behind Adjarbet.
In 2014 Europe-bet, which offers online and land-based sports betting, as well as online poker and casino, reported revenues of $52.4 million, $40.8 million (almost 78 percent) of which came from its online operations.
Europe-bet’s online revenues are driven largely by sports book, accounting for 44 percent of total turnover, but the operation is also strong on online poker and casino, which are powered by the groundbreaking Connective Games platform.
Europe-bet’s poker platform is listed by PokerScout as the 19th biggest in the world at the time of writing.
Europe-bet recently partnered with the World Poker Tour, receiving exclusive licensing rights and on WPT products and services in Georgia.