Ladbrokes in £25m gamble on Betdaq
LADBROKES yesterday took a £25million punt on boosting its online presence by aquiring betting exchange firm Betdaq.
On top of the 30million euro cash and shares deal, FTSE 250 bookmaker Ladbrokes will also take a 10 per cent stake in TBH, the technology provider to Betdaq.
Despite the relatively small size of the acquisition, it was greeted with relief by investors after Ladbrokes walked away from previous attempts to buy internet rivals 888 Holdings and Sportingbet. Ladbrokes shares rose 6¾p to 206p.
Ladbrokes uses an existing commercial relationship with Betda
Ladbrokes uses an existing commercial relationship with Betdaq, founded in 2000 by Irish businessman Dermot Desmond, to hedge the bets taken in its shops and over the internet. Last year Betdaq generated post-tax profits of £2.37million.