Betsson Buys Georgian Gambling Firm Europe-Bet

The Swedish gambling company Betsson announced on June 29 that it will be purchasing the privately owned Georgian betting and online gambling operator Europe-Bet for USD 50 million.

An additional USD 35 million will be paid after a year provided the gambling regulation in Georgia remains unchanged, according to the deal that is expected to be closed in July.

Betsson said that the acquisition will make it the second largest online gaming operator in Georgia with up to 30% market share.

Revenue of Europe-Bet, which currently has ten Georgian shareholders, was USD 52.4 million in 2014 with online operations accounting for USD 40.8 million. Its online business is mainly driven by sports book, accounting for 44% total revenue last year.