Romanian gambling operator with bold ambitions
A Romanian gambling operator has acquired a majority stake in a popular online casino as part of its international expansion plans.
Calvin Ayre reports that on Monday, gambling operator SuperBet announced it reached a deal to acquire 60 per cent of Lucky7, an online casino business founded by Olor Orn, Magnus Petersson and Karl Ahlberg.
Terms of the deal weren’t disclosed, but SuperBet did reveal it previously provided start-up capital to Lucky7, which started in early 2019.
Lucky7 operates a number of real money online casino brands in Europe and the Americas.
Co-founder Orn claims the company hit its stride during the COVID-19 pandemic shutdown of online sports betting, resulting in a turnover of 17 million euro during the second quarter.
SuperBet is Romania’s dominant sports betting operator and recently expanded into Poland’s regulated market.
The company has made a point of expanding its operations following a major cash infusion from the Blackstone Group hedge fund in 2019.
SuperBet chief executive officer Johnny Hartnett, a former Paddy Power Betfair executive who assumed the chair last August, said the company is fleshing out its core sports offering with a bolt-on online casino product that is “a win-win that will bring good luck to everyone.”
Mr Hartnett noted he and his Blackstone partners share a goal of becoming “one of the largest gambling brands in Europe in two to three years. The current pandemic slightly delays the achievement of this goal, otherwise nothing has changed.”
SuperBet is already a major player in Romania, turning over 2.8 billion euro in 2019 – a near five-fold improvement over the same number of years – and entering the top 10 of the country’s domestic businesses, with a valuation of around 700 million euro.