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
Norway bans payments to six Malta-based gambling companies
Lotteritilsynet claims the offending firms were marketing to Norwegians without permission.
New Jersey sports betting enjoys January boom
Total money wagered on sports betting in NJ in January jumped 25 per cent to $385.2 million.
New York residents divided over online sports betting
New Yorkers are evenly split on whether or not to legalise sports gambling, a recent survey shows.
Missouri lawmakers mull over new online sports betting bill
SB 44 proposes legal sports wagering over the internet and on designated gambling boats.
Bet365 and Sky Bet unveil new in-play betting technology
The Fast Player Statistics Feed puts up-to-date facts and figures at punters' fingertips in real time.
Latest betting tips
Who will win the 2019 NCAA Basketball championship? Odds & analysis
While there are still several games left in the regular season of the 2019 NCAA Basketball season, as well as the conference tournaments, now is...
UK increases gambling advertising protections for children
The United Kingdom has continued to evolve the regulation of its gambling industry with a new bill set to further safeguard children from exposure to...
Paul Pogba FA Cup goalscoring specials – Chelsea vs. Man United
Monday's clash at Stamford Bridge sees two teams looking to bounce back from disappointing results.
MVP betting, analysis and tips for the 2019 NBA All Star Game
The best basketball players in the world will go head-to-head in the 2019 NBA All Star game on Sunday night. For the first time since...
Houston Cougars vs. UCONN Huskies spread analysis & NCAA betting tips
The ninth-ranked Houston Cougars put their eight-game NCAA winning streak on the line heading north to face a UCONN team that has lost two in...