Online gaming developer BetMakers (ASX:BET)
has taken its global expansion campaign to the next level, after finalising the takeover transaction for the tote and digital wagering platforms of London-listed Sportech.
The $877 million company initiated the bid last year and tabled a $55 million dollar offer to acquire the aforementioned assets. As a result, Betmakers successfully raised $50 million through a shares issuance last year to finance the purchase.
The company had since then progressed through a series of regulatory, investor and board examinations before the deal received the final go-ahead from authorities.
Betmakers has already transferred a non-refundable deposit of $6.2 million. The remainder of the payment package were to be processed upon reaching certain milestones.
Under the agreement, Betmakers will obtain the vendor’s online betting infrastructure and license rights in gaming jurisdictions across the US, UK and Europe. The British-domiciled bookmaking software developer operates betting systems for wagering businesses in the Americas and Europe.
The new purchase is expected to become a boon for the wagering tech firm’s footprints in the these markets and complements the company’s globalisation effort.
Betmakers commented on the completion of the acquisition, “It is not often that such compatible international wagering assets become available in our industry. BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering.”
The ASX-listed digital bookmaker is also involved in a bidding war with British rival Entain and US investment powerhouse Apollo for the wagering and media arm of industry peer Tabcorp.
Shares in Betmakers (ASX:BET)
are trading 12.04 per cent higher at $1.21