Ladbrokes Buys Betdaq for €30m
One of the United Kingdom’s biggest bookmakers, Ladbrokes, has agreed to acquire Betdaq from TBH Ltd. in a deal said to be worth €30m. Ladbrokes will also acquire a 10 percent stake in TBH Guernsey Ltd, which is the technology partner of Betdaq for an additional €4m.
Betdaq, a betting exchange founded by billionaire Dermot Desmond in 2000, allows gamblers to bet against one another using a similar model as Betfair.
"The Betdaq exchange is a well-regarded and well invested business and a close strategic fit for Ladbrokes,'' said the company's chief executive Richard Glynn.
''Whilst the main focus of our digital growth strategy continues to progress well, this bolt on acquisition provides us with an exciting opportunity to grow our share of wallet through the creation of a differentiated and comprehensive sports betting proposition for customers and also supports our drive for improved liability management."
Profits at Ladbrokes were down the first part of 2012 by nearly half that of the same period in 2011. The company has responded by appointing a new director and investing in technology companies as a means of keeping up with larger rival William Hill, which last month announced the purchase of Sportingbet.
- Aaron Goldstein, Gambling911.com
