9th Apr 2014 06:13
LONDON (Alliance News) - UK bookmaker Ladbrokes PLC is set to acquire Australian online betting company Betstar, in a deal worth between AUD20 million and AUD25 million, according to The Telegraph late Tuesday.
The deal would be its second acquisition in Australia, having already bought up the Australian business of Sportingbet last year.
The Melbourne-based firm Betstar was founded in 2007 by entrepreneur Alan Eskander and his father, Michael. The company is reported to have a yearly betting revenue of AUD300 million, the The Telegraph wrote.
UK bookmakers have been looking to spread their wings overseas and into other markets, as they face increasing tax pressure in the UK, the newspaper said. The UK government recently raised gaming machine duty to 25%. The tax hike will come into effect as of March next year.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10753495/Ladbrokes-to-buy-Australian-website-Betstar.html
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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