Betsson has acquired horse betting operator RaceBets, in a deal worth up to €40 million.

RaceBets holds licences in the UK, Ireland, Malta and Germany, and offers punters the chance to bet on more than 250,000 different races yearly.

Three-quarters of RaceBets’ revenue come from locally regulated markets, primarily Germany and the UK, making it a good strategic fit for Betsson.

Horse racing is one of the most popular betting sports and the total estimated worth of the European horse betting market is €3.5 billion. “Horse racing is important in many of our markets and the key rationale of the acquisition of RaceBets is to enable our subsidiaries to accelerate the launch of a world-class horse racing product on all core brands,” said Ulrik Bengtsson, CEO and president of Betsson AB.

Betsson acquired RaceBets from the company’s founders and the German Thoroughbred Racing Association. The deal is expected to be concluded in the beginning of 2017 and is subject to regulatory approval.

RaceBets revenue in 2015 was €9.3 million and adjusted Ebit was €3.36 million. The annual growth rate for 2013-2015 was 12 per cent.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.