Paddy Power Betfair has entered the Georgian gambling market with the acquisition of Adjarabet.
The initial deal, valued at £101 million, gives the British and Irish betting giant a 51 per cent stake in the region’s top-performing brand.
There is also an agreement to transfer control of the remaining 49 per cent after three years at a cost of seven times Adjarabet’s EBITDA in 2021.
“This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets,” said Peter Jackson, CEO of Paddy Power Betfair.
“Adjarabet’s leading brand presence and strong management team has established it as the clear number one in the fast-growing, regulated online Georgian market.
“Together with our group’s technology and sports capabilities, we are confident Adjarabet will be strongly positioned to build on this success.”
More gambling news
New York Senate approves mobile sports betting bill
NY lawmakers want mobile sports betting, yet Governor Cuomo continues to oppose the move.
Google Ads to promote New Jersey sports betting sites
Google has changed its advertising standards policies to allow sports betting ads in NJ.
New York approves sports betting regulations
New York's four commercial casinos will launch sports betting services in the next few months.
Federal judge says Wire Act only applies to sports betting
New Hampshire has won its case against the DOJ over last year's revised opinion of the Wire Act.
Illinois approves sports betting in mass gambling reforms
Governor JB Pritzker is expected to sign off on widespread gambling reforms in Illinois.
Latest betting tips
2019 Africa Cup of Nations outright odds and predictions
Can Mohamed Salah inspire the Pharaohs to AFCON glory at Egypt 2019?
Labour promises UK gambling ombudsman as part of mass reforms
Labour deputy Tom Watson has called for an overhaul of gambling regulation in the UK.
2019 Cricket World Cup betting tips – New Zealand vs South Africa
Can the Proteas put an end to New Zealand's unbeaten run at the Cricket World Cup?
2019 NFL betting news: Browns edge Steelers in AFC North odds
Can Cleveland put an end to 17 years without playoffs and claim their first divisional title since 1989?
2019 NFL betting update: Eagles and Cowboys top NFC East odds
There is no love for the Redskins or the Giants in the early betting for the 2019 NFC East divisional title.