Australian supplier BetMakers Technology Group has completed its acquisition of the racing, tote and digital business from Sportech.
BetMakers struck a deal worth £30.9m (€36.1m/$42.9m) in December last year to purchase the business, shortly after which 99.8% of Sportech shareholders voted to approve the proposal.
The agreement will see BetMakers take control of Sportech’s Global Tote business, which provides pari-mutuel technology and services to horse race betting operators around the world.
The deal covers Sportech’s racing, tote and digital assets in the US, UK and Europe, including the Americas Tote business, which provides betting solutions, hardware and operational services to more than 200 racetracks, casinos and betting venues.
BetMakers will also take ownership of Sportech’s North America-facing white label digital betting solutions business, which has more than 25 customers on the continent, as well as its UK and European Tote operations, and its Quantum Tote betting engine.
According to BetMakers, the acquisition places it in a strategic position to fully capitalise on growth opportunities in international wagering markets, as well as emerging opportunities in the US market, including fixed-odds wagering.
BetMakers added that the acquisition is anticipated to materially expand its global customer base, technology and geographic reach.
Completion of the deal follows the receipt of a several regulatory approvals, with BetMakers expecting to formally secure a number of other clearances now the acquisition has gone through.
“The successful completion now allows us to continue to execute the next stages of our global strategy,” BetMakers’ managing director Todd Buckingham said. “It is not often that such compatible international wagering assets become available in our industry.
“Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering. We intend to continue to expand in all regions where we see complementary synergies for our business that fits this vision.
“I am delighted that we have been able to reach this significant milestone and I now look forward to integrating these transformational international wagering assets which we expect will unlock enormous benefits for BetMakers.”
The deal come after BetMakers last month also submitted a non-binding proposal worth AU$4.0bn to acquire Tabcorp’s wagering and media business. Under the deal, Tabcorp would receive AU$1.0bn in cash, which BetMakers said it would raise through debt financing, and AU$3.0bn in BetMakers shares.
Entain and private equity giant Apollo Global Management have also lodged proposals with Tabcorp in recent weeks.
