U.K. bookmaker Ladbrokes has purchased Betdaq for about €30 million. The deal will see Ladbrokes hold half of the purchase shares—€15 million—with a 10 percent stake in TBH, the technology provider to Betdaq. It is the first acquisition made by Ladbrokes since CEO Richard Glynn took over the helm three years ago.
The two companies already have a commercial relationship, with Ladbrokes using the betting exchange to hedge bets. Irish multimillionaire Dermot Desmond, who has a 2 percent stake in Ladbrokes, owns Betdaq.
Though the purchase of Betdaq is a relatively small acquisition, it should bring to an end Glynn’s reputation for walking away from deals. The CEO dropped out of talks to buy 888 and Sportingbet, took his company out of the race for Australian Centrebet and saw a possible online partnership with Playtech come to nothing. According to gambling analysts, Ladbrokes will now try and build Betdaq into a company to rival Betfair, which is 20 times its size.