Australian online bookmaker BetChoice has long been a potential acquisition target for European bookmakers wanting to step into the lucrative Australian market. Numerous firms are believed to have looked at them closely, but stepped back for a number of reasons including price tag and local bans on non-wagering products. BetChoice was the brainchild of Colin Tidy and Mark Morrissey, veterans of the Australian bookmaking fraternity, and like their counterparts Mark Read, Con Kafataris, Terry Lillis, Bryan Clark and others, the time was nigh for them to cash in on their years of labour while the going was good.
Unibet signs agreement to acquire Betchoice and enter regulated Australian market
Unibet Group plc today announces that it has signed an agreement to acquire 100 per cent of Betchoice Corporation Pty Ltd, one of Australia’s leading independent corporate bookmakers online. Betchoice operates a range of sports and racing betting products in the Australian market through its web site www.betchoice.com.
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The initial acquisition price is AUD 20.0 million (GBP 13.6 million), on a cash free and debt free basis, payable in cash on closing.
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“This strategic acquisition gives Unibet immediate access to the regulated Australian market, which is currently open to sports betting and horse racing. We intend to rebrand the business quickly to Unibet. Betchoice already has a strong offering and market position in horse racing and through Kambi, Unibet has the opportunity to enhance the quality and performance of Betchoice’s sports betting offering and so to deliver revenue growth and margin improvements,” says Henrik Tjärnström, CEO Unibet.
A good choice to acquire? Well, for Unibet yes, now that the price tag had become quite reasonable. But for Australian punters, I can't see this being a good thing at all. They are an awful bookmaker for anyone who likes betting more than $10 and beyond the obvious mug bets/markets. They've not been able to penetrate the UK because they struggle against proper competition and they will suffer the same fate in Australia. BetChoice were by no means a big bookie, but their roots were from the day when bookies would take risks and lay big wagers. And if they wanted to offload any of the risk, they'd send it around the industry. Look after your clients first because if you don't, someone else will take them off your hands. Local involvement in their revised sports product and risk management is going to be essential or these guys will go to pot very quickly...
Unibet signs agreement to acquire Betchoice and enter regulated Australian market
Unibet Group plc today announces that it has signed an agreement to acquire 100 per cent of Betchoice Corporation Pty Ltd, one of Australia’s leading independent corporate bookmakers online. Betchoice operates a range of sports and racing betting products in the Australian market through its web site www.betchoice.com.
.
.
The initial acquisition price is AUD 20.0 million (GBP 13.6 million), on a cash free and debt free basis, payable in cash on closing.
.
.
“This strategic acquisition gives Unibet immediate access to the regulated Australian market, which is currently open to sports betting and horse racing. We intend to rebrand the business quickly to Unibet. Betchoice already has a strong offering and market position in horse racing and through Kambi, Unibet has the opportunity to enhance the quality and performance of Betchoice’s sports betting offering and so to deliver revenue growth and margin improvements,” says Henrik Tjärnström, CEO Unibet.
A good choice to acquire? Well, for Unibet yes, now that the price tag had become quite reasonable. But for Australian punters, I can't see this being a good thing at all. They are an awful bookmaker for anyone who likes betting more than $10 and beyond the obvious mug bets/markets. They've not been able to penetrate the UK because they struggle against proper competition and they will suffer the same fate in Australia. BetChoice were by no means a big bookie, but their roots were from the day when bookies would take risks and lay big wagers. And if they wanted to offload any of the risk, they'd send it around the industry. Look after your clients first because if you don't, someone else will take them off your hands. Local involvement in their revised sports product and risk management is going to be essential or these guys will go to pot very quickly...
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