TonyBet Taken Over By Online Gambling's Betsson

Published Thursday, September 08, 2016 - Online-Casinos.com
TonyBet Taken Over By Online Gambling's Betsson

In an expanding industry such as online casinos and sports books there are bound to be many acquisition opportunities that appear to be great fits for both the purchaser and seller. The recent announcement that the Swedish betting operator Betsson has taken over the assets of Lithuanian betting company Lošimų Strateginė Grupė, known as as Tonybet in that jurisdiction, is another example of the ongoing expansion process.

Betsson will procure the parent of TonyBet for an initial €4m with a further €2m payable in 2017 if the site meets considered performance benchmarks for the opportunity to gain more traction in the Baltic market. It has been suggested that the arrangement will be finalized by the month’s end.

The TonyBet sports book was founded in 2009 and is considered one of the fastest growing sports books in the world. TonyBet is licensed for online gambling in Lithuania, Latvia, Estonia, Denmark and the UK and it also operates 20 retail betting shops in Lithuania. In 2010, online gambling became legal in Estonia and in January 2011 Estonia opened its gambling market to offshore operators, on the condition that they acquired licenses from the Estonian authority.

Betsson operates in the Baltic markets utilizing the Triobet brand. Triobet was founded in 2006 and since April 2012, Triobet has been part of Betsson Group the region’s largest independent remote gaming operator listed on the Swedish stock exchange.

CEO of the Betsson Group, Ulrik Bengtsson said the TonyBet deal was “a good strategic fit” for his company, in keeping with its ambition to “increase revenue from locally regulated markets.”

The strategic fit is the sought after solution to making a better online sports book, casino, or poker room and this particular acquisition will continue to allow Betsson to grow a trusted brand. Fairness tests are conducted by the National Laboratory for Forensic Science in Sweden and Technical Systems Testing in Canada.

 

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