UK Poker Player Poker News Betsafe sold for €60 million to Betsson

Betsafe sold for €60 million to Betsson

Posted by David Cowell on May 19, 2011 at 3:53 BST

According to a recent report, Betsafe, a private gaming company which provides sports betting, casino games and poker to the Nordic countries, has been sold to rival company Betsson. This will now place Betsson as one of the largest gaming companies in Malta, with over 320 locally based employees.

Betsson’s new acquisition was made from a number of private individuals; some of whom are founders of Betsafe, and some high ranking employees. It is believed that Betsson will pay an up front purchase price of €32.5 million, of which around half will be paid in cash and the other in Betsson  B shares. An additional purchase price, based on the company’s performance during 2011, may become payable by Betsson,  which would take the total to €60 million. The Nordic regions are already showing strong developmental growth for the casino, gambling and poker markets.

Betsafe increased its revenues last year by an astounding 119%, and total revenues up until April 30th 2011 amounted to €33.4 million. Thanks largely to their company’s efforts, real money poker players in their target areas had totalled 84,000.

In terms of their long term business plan, reports have stated that Betsson intends to retain Betsafe staff, as well as to continue using the brands of both companies. Managerial staff at Betsafe, including the founders André and Christer Lavold as well as chief executive Henrik Persson, will now join the Betsson operational management team, which is based in Malta.