Mon, Dec 27, 3:26pm by Kevin Pitstock
Irish bookmaker Paddy Power has agreed in principle to buy out licensed Australian bookmaker Sportsbet.
Paddy Power who are leviathan Irish bookmakers already owned 61% of the company and have agreed in principle to purchase the remainder of the company for $133 million.
The deal values Sportsbet Australia at around $340 million.
Sportsbet has been a licensed operator in Australia for the past 14 years, but under the guidance of formerly Alan Tripp, and now son Matthew; the bookmaker has grown to be Australia’s largest online sportsbook.
Under the deal it is business as usual at Sportsbet, with Matthew Tripp continuing to oversee operations, and around half the purchase price being paid in Paddy Power shares.
Paddy Power initially purchased a 51% shareholding in Sportsbet back in mid 2009, and increased that interest to just short of 61% earlier this year.
Paddy Power also successfully purchased Mark Read’s high profile Australian corporate bookmaking enterprise Iasbet (formerly Darwin All Sports) in recent years.
The final sale still needs to be signed off by the Australian Foreign Investment Review Board and the Northern Territory Racing Commission.
In the meantime it is business as usual at both online bookies and you can bet with confidence at Sportsbet by clicking here : Bet at Sportbet now; or alternatively experience Iasbet by clicking here: Open an Iasbet account now.
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