Unibet signs contract to buy Bet24

Unibet Group plc has announced today that it has concluded an agreement to acquire the whole business as well as certain operating assets of Nordic Betting Ltd, which is one of the leading players in the online gambling market in Northern Europe, operating as Bet24. The company operates a broad line of gambling and sports products on its sites www.bet24.com and www.bet24.dk and some related sites.

The price of the deal for the business and the assets is GBP 11.25 million (EUR 13.5 million), which is to be paid in cash. The aim of the deal, which is Unibet’s third targeted at regulated gaming markets lately, is:
To strengthen market position of Unibet in the Danish market which has recently been regulated and to provide additional resources to support future investment in order to increase market share;
To contribute to Unibet’s strong and sustainable growth in other Nordic countries;
To provide cooperation and economies of scale.

Nordic Betting Ltd reported a gross winning income (according to accounting policies of Unibet) of about GBP 8.75 million (EUR 10.5 million) for the latest financial year which ended 31 December 2011. Unibet plans to transfer clientele and rename the business from Bet24 to Unibet, along with integrating the companies’ business operations, with the course of time. However, for a while the business will continue to operate normally as Bet24.

According to the contract, Unibet will transfer about 45 Nordic Betting Ltd employees into its own operations in Malta, acting under Maltese law and all regulations applicable to the business transfer. Completion of the deal is to go through regulatory approval and is expected to happen before the end of the first half of 2012.

About Unibet. The company was created in 1997 and is an online casino, sportsbetting and poker gaming operator listed on NASDAQ OMX Nordic Exchange located in Stockholm.