Online Gambling Unibet Signs to Acquire Nordic Betting's Bet24

Published Wednesday, April 11, 2012 -

The acquisition of certain assets can propel a company farther and faster than any other method usually employed by business developers. The recent liberalization and regulating of the Danish online gambling market has prompted many operators to seek firms that already have a market in that jurisdiction.

Unibet Group announced recently it has signed an agreement with Nordic Betting Ltd to acquire its business and other assets. Nordic Betting is the parent company of Bet24 which operates online sports and games betting via and Nordic Betting Ltd, has a leading share of the internet wagering market in Scandinavia. The takeover was financed by a cash infusion of EUR 13.5 million was paid for the Nordic Betting assets. The purchase gives Unibet a stronger position in the Danish jurisdiction providing more opportunity for the real growth that Unibet is seeking in that part of the world. The company expects this will lead to further developments in other regions of northern Europe.

The deal is subject to regulatory clearance, where required, and is expected to take place before the end of the second quarter of 2012.Unibet will make arrangements to rebrand the Bet24 web locations to Unibet logos and style but for the time being the sites will continue to operate as usual. Unibet is a recognizable entity that has been around since 1997 and is listed on the Nordic Exchange in Stockholm Sweden. Nordic Betting Ltd had a gross winning revenue of about EUR 10.5 million during the financial year ending December 31, 2011. Unibet also after the completion of the acquisition will transfer as many as 45 employees of Nordic Betting Ltd to the Unibet Maltese operation. The company had a turnover of GBP 154.4 million in 2011. The group is one of the largest online gambling operators worldwide, with over 6.2 million customers in over 100 different countries. Together with the Nordic region, Belgium and Netherlands also make up their key markets.

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