Paddy Power Betfair ventures into Georgia with Adjarabet acquisition

By Nathan Joyes

Paddy Power Betfair has moved into the online betting market in the Republic of Georgia, acquiring Adjarabet.

Adjarabet is licensed to offer a full suite of online betting and gaming products, which includes casino, sports and poker, within Georgia.

Paddy Power Betfair now has a 51% stake in the Georgian company, which cost £101m ($131.9m).

Plans are in place to purchase the remaining 49% after three years, at a price equivalent to seven times Adjarabet’s 2021 EBITDA underlying earnings.

Adjarabet generated revenue of £64m in 2018 and EBITDA of £20m.

Peter Jackson, Paddy Power Betfair CEO, said: "This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets.

"Adjarabet’s leading brand presence and strong management team has established it as the clear number one in the fast-growing, regulated online Georgian market.

"Together with our group’s technology and sports capabilities, we are confident Adjarabet will be strongly positioned to build on this success."


Share This Post


More News

Leading land-based supplier Aristocrat will sponsor the Digital Industry Supplier of the Year category at the Global Gaming Awards Las Vegas 2020. The provider, which generated operating revenue of $1.47bn for H1...

Nick Nally, Managing Director – Americas, Continent 8, takes stock and reflects on US opportunities and cyber threats. This article was originally published in the May/June edition of Gambling Insider magazine. The current...