Paddy Power Betfair enters the Georgian gambling market
Paddy Power Betfair decided to expand its activities in the regulated Georgian gambling market, and acquired a 51% stake in operator Adjarabet for $131 million.Paddy Power said the new acquisition is part of their strategy to expand their presence in the online gambling market in Eastern Europe. In addition, Paddy Power can also become the absolute owner of Adjarabet. According to the signed agreement, the company will be able to acquire the remaining 49% of the shares by 2022. Over the past couple of years, the gambling market in Georgia has gained momentum. According to the data, the industry has grown by 40% from 2016 to 2018, and is currently generating a profit of $235 million. Also last year, Adjarabet reported revenue of about $84 million. Previously, operator Adjarabet made a deal with Red Tiger Gaming, leading provider of games and software for virtual casinos. Gavin Hamilton, CEO of Red Tiger, said that this collaboration will help the company move to the next level and offer its customers only high-quality games.