- 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.
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