Paddy Power buys majority stakes in online gambling group in Georgia

Paddy Power Betfair has acquired a 51 per cent controlling stake in Georgia’s largest online gambling group Adjarabet. The deal is estimated to be worth £101m.

The company has also agreed to buy the remaining 49 per cent of shares in three years.

Adjarabet, Georgia’s market leader with 40 per cent online gambling revenues in the country, is licensed to offer a range of online betting and gaming products in Georgia including casino, sports, poker and peer-to-peer games.

Paddy Power Betfair said the deal provides it with exposure to two attractive, fast-growing, regulated markets.

“This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets,” commented Paddy Power Betfair’s chief executive Peter Jackson.

“Ajarabet’s leading brand presence and strong management team has established it as the clear number one in the fast-growing, regulated online Georgian market,” he said.

“Together with our group’s technology and sports capabilities, we are confident that Adjarabet will be strongly positioned to continue to build on this success,” the CEO added.