Paddy Power Purchases 51% in Adjarabet

This story was published more than 1 year ago.

Internet betting group Paddy Power Betfair has announced that they've purchased a 51% stake in Georgia betting firm Adjarabet and will have control of the company as a result.

The agreement is reported to be worth £101 million, with Paddy Power Betfair controlling the vast majority of the company, which also controls 40% of the betting market in Georgia. The market has ramped up with sportsbetting growing 40% over the past two years. The deal could see Paddy Power picking up 100% of the stakes in the company down the road if they so choose.

Commenting on the deal Paddy Power CEO Peter Jackson (not the filmmaker) said, "This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets. Adjarabet's leading brand presence and strong management team has established it as the clear number 1 in the fast-growing, regulated online Georgian market."

No timetable for the integration into Paddy Power's umbrella was available as of press time.

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Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.
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bgsharpe
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14 February 2019 - 6:11pm
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The company obviously seeing a huge potential in the Georgian market making that enormous investment but buying a company which holds 40%! of the local market with a good perspectives of growth is an investment which would paid out multiple times in the years to come I guess.