Internet betting firm Betsson has announced that they've completed a purchase of racing betting site RaceBets, which will give Betsson an experienced horse racing group of employees.
RaceBets provides horse racing wagering services throughout Europe, and it currently holds gaming licenses in Malta, the UK, Ireland, and Germany. Last year the company brought in €9.3 million in revenues, with 12% growth between 2013-2015. The company was founded in 2005 and quickly established itself as the largest racebook in Germany, while also growing in other markets.
It is being reported that the agreed to price for the purchase is €34 million, all in cash.
Commenting on the deal Betsson AB CEO Ulrik Bengtsson said, "Horse racing is important in many of our markets and the key rationale of the acquisition of RaceBets is to enable our subsidiaries to accelerate the launch of a world class horse racing product on all core brands. This will help fuel organic growth in strategic markets such as the UK and Germany."