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Aussie online gambling attracts international attention
Addisons lawyers and Allen & Overy have advised on the acquisition of Betchoice by one of the largest online gambling operators in the European market.
Digital
Firms: Addisons (Betchoice Corporation Pty Ltd), Allen & Overy (Unibet Group)
Area: Gambling
Value: The initial acquisition price is $20 million on a cash free and debt free basis payable on completion
Key players: Jamie Nettleton and David Selig handled the transaction for Betchoice at Addisons
Deal significance: Unibet plans to invest in the development of both product offerings and marketing to grow the market share aggressively and to challenge the leading players in the Australian market. Betchoice, which is one of the leading corporate bookmakers licensed in the Northern Territory, has offices in Darwin and Sydney, around 35 staff, a customer base of more than 8,000 and recorded turnover of $191.5 million for the year ended 30 June 2011. Unibet considers the Australian corporate bookmaking market to have relatively attractive terms and conditions compared to European models and therefore allows for profitable growth. Completion is subject to the approval of the NT Racing Commission and is expected before the end of the second quarter of 2012.
