Europe-Bet Bought by Online Gambling Firm Betsson

Published Monday, June 29, 2015 - Online-Casinos.com
Europe-Bet Bought by Online Gambling Firm Betsson

Europe-Bet.com services combine a wide range of online products such as betting, online casinos, roulette, blackjack and classic games of the Georgian region such as backgammon and dominoes. Since its formation in November 2010, Europe-Bet.com has been one of the leading independent betting and online gaming operators in the market.

It was recently announced that the Nordic online gambling operator Betsson has acquired privately-owned operator Europe-Bet. This move will give Betsson a 30% market share of the online gambling industry in the Republic of Georgia.

Betsson CEO and President Magnus Silfverberg commented on the deal, “Europe-Bet has established a strong brand with a competitive multi-product offering in the locally regulated market of Georgia,” Silfverberg continued,  “Together with Betsson’s technology, a foundation for profitable and sustainable growth within and outside Georgia is created.”

Betsson has said the acquisition is worth $50m for an initial purchase consideration. Additionally $35m will be payable after one year as long as gaming regulations remain unchanged in Georgia. Betsson has been in the entertainment business for fifty years with its first launch online happening in 2000. Steady growth through acquisitions has built on online gambling firm recognized as the “Online Sports book Operator of the Year” and “Casino Operator of the Year at the 2012 EGR Awards in London.

Europe-Bet generated revenue of $52.4m in 2014 and online business accounted for nearly 78% while the remainder came from land-based business. The sports book focused online business accounted for 44% of Europe Bet’s total revenue in 2014.The company spokesperson said, “Betsson acquires the company from a group of entrepreneurs. Some of the founders will continue in strategic positions after the acquisition. Betsson has also retained other key employees to continue to operate the business,”

The growing market in Georgia has seen Europe Bet double its revenue in 2014 so this purchase by Betsson is seen as having solid potential.

 

 

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