Paddy Power Betfair acquires 51% stake in Adjarabet

Paddy Power Betfair plc announces its acquisition of Adjarabet, the leading casino operator in the Georgian online gaming market.
Paddy Power Betfair acquires 51% stake in Adjarabet
  • London-listed casino operator Paddy Power Betfair has acquired a 51% stake in Georgian operator Adjarabet for £101m.
  • Adjarabet is the leading online operator in Georgia’s regulated market with an estimated 40% market share.
  • The remainder will become available in 2021.

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Earlier today, Paddy Power Betfair plc announced its acquisition of Adjarabet, the leading casino operator in the Georgian online gaming market.

Today’s transactions sees the London-listed operator pay an initial cash consideration of £101m for the majority stake in Adjarabet, with the remainder available in 2021. This deal will enhance its diversification in Europe by providing the group exposure in two fast-growing markets.

Adjarabet is the leading online operator in Georgia’s regulated market with an estimated 40% market share and a growing presence in the regulated Armenian online market too, achieving a 10% share of the market by the end of last year. In 2018, the operator generated revenue of 215m Georgian Lari (GEL) (£64m) and EBITDA of GEL68m (£20m).

Speaking on this, Peter Jackson, Paddy Power Betfair CEO, commented: “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. Together with our Group’s technology and sports capabilities, we are confident that Adjarabet will be strongly positioned to continue to build on this success”.

Image source: @PPBetfair

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