Eastern Europe

Paddy Power buys majority stakes in online gambling group in Georgia

Published

6 years ago

February 4, 2019

Niji Narayan

PADDY POWER AND SPOTLIGHT SPORTS GROUP ANNOUNCE RENEWAL OF VIDEO CONTENT PARTNERSHIP

Photo Source: irishtimes.com

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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.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.