The British online bookmaker Ladbrokes has signed an agreement to acquire betting exchange operator BetDaq for an initial purchase price of £30 million.
Ladbrokes revealed earlier this month that purchase negotiations were being held with the parent company Global Betting Exchange Alderney Limited. It is expected that the acquisition will be complete by the end of February.
Besides the acquisition of BetDaq, Ladbrokes will also aquire ten percent of the shares in TBH Guernsey Limited for £4 million. This second transaction includes a call option on the remaining shares after four years. TBH Guernsey Limited is the company responsible for the technology behind BetDaq.
"The acquisition of BetDaq is also a strategic move for Ladbrokes," said Richard Glynn, Chief Executive Officer of Ladbrokes. "While the main focus of our growth strategy continues through development, acquisition offers us a great opportunity to strengthen our position in the market from the creation to offer all of our customers differentiated and comprehensive sports betting."