Rank Purchases QSB Gaming Limited

Betting firm Rank Group has announced that they've reached an agreement to purchase QSB Gaming Limited for a price of up to €52 million.

The agreement will see Rank paying €21 million up front for the company, but with various performance incentives, the price could go as high as €52 million. QSB runs the popular Spanish betting site YoBingo.es, and Rank claims that the purchase gives them an important another foothold in the country. GSB holds a 30% market share for bingo in Spain.

Commenting on the deal Rank CEO John O'Reilly said, "The acquisition of the YoBingo Group expands Rank's digital footprint in Spain.

"Spain is an exciting high-growth regulated market which we believe offers strong multi-channel potential.

"The YoBingo Group is a well-established operation that we intend to further develop and to cross-sell into our established Spanish retail operations."

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bgsharpe
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24 May 2018 - 6:50pm
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Like always the bigger players on the market buy out the smaller ones and of course enlarging their business. Spain really looks to be a fast growing market so I think from Rank doing really wise to invest there.