Unibet Acquires Betchoice and Enters Australian Market
Unibet Group has signed an agreement to acquire Betchoice Corporation Pty Ltd, a leading Australian online bookmaker. According to a press release, the agreement, which is subject to approval by Australia��s Northern Territory Racing Commission, allows Unibet the following:
- Provides access to the fast growing Australian online market;
- Represents a solid platform from which to invest further and gain market share;
- Positions Unibet well for the anticipated opening of live betting products in Australia at some stage in the future;
- Provides Unibet with horse racing capability which can be leveraged further across the group.
��This strategic acquisition gives Unibet immediate access to the regulated Australian market, which is currently open to sports betting and horse racing, said Unibet CEO Henrik Tj?rnstr?m. ��We intend to rebrand the business quickly to Unibet. Betchoice already has a strong offering and market position in horse racing and through Kambi, Unibet has the opportunity to enhance the quality and performance of Betchoice��s sports betting offering and so to deliver revenue growth and margin improvements.��
Tj?rnstr?m added: ��In addition to benefit from the already existing Australian product offering, the acquisition of Betchoice will provide Unibet with a platform to facilitate other gambling services and opportunities should market conditions continue to improve.��
The deal allows for Unibet to acquire Betchoice for AUD$20.0 million (GBP 13.6 million), with an earn-out for Mark Morrissey, co-founder and Chairman of Betchoice, who is slated to stay on after the deal��s completion.
��We are delighted to become part of the wider Unibet group,�� Morrissey said. ��There is a substantial market opportunity in Australia and with Unibet��s expertise in marketing and risk management, together with its market-leading sports betting offering, I am confident that we can increase substantially our market share and establish Unibet as one of the leading brands in Australia.��
Unibet will rebrand the Betchoice platform to Unibet after a short transition period, and will ��invest significantly in improving the Australian product portfolio and in marketing to establish the Unibet brand in the fast growing Australian market.��
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