UK based betting firm Ladbrokes has agreed to purchase a 65% stake in U.S. sports book supplier Stadium Technology for $3 million.
As part of the deal, Ladbrokes will be able to acquire the remaining 35% of the Las Vegas based company depending on its performance during the next five years.
Stadium Technology currently supplies betting software and in game betting applications to operators in Nevada and Delaware. The company currently claims a client list that includes: Atlantis, Cosmopolitan, Golden Nugget, Hard Rock, Crystal Palace, M Resort, Palazzo Treasure Island and The Venetian.
Commenting on the deal, Ladbrokes CEO Richard Glyn said "The size of the US market and potential for positive regulatory change in the coming years make it a sensible place to establish a presence. Stadium Technology is already one of the key software suppliers to casinos in Nevada and Delaware and it has the potential to expand."
Since April 2010, Ladbrokes has entered into and forfeited four different sets of acquisition talks with companies 888, Playtech, Sportingbet and Australian based Centrebet.