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Fri, Dec

Australian Authorities Give Green Light on BetChoice Acquisition

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The Australian Northern Territory Racing Commission gave the final green light to the European based gambling group, Unibet, to make an outright acquisition of the sports betting group, BetChoice.

The Australian BetChoice was purchased by Unibet for $20 million, with a further $2.4 million payable, subject to certain market conditions.

It was reported that the founder and chairman of the Australian sports and racing betting agency, Mark Morrissey will remain on in his position following the finalization of the acquisition.

The Chief Executive Officer of Unibet, Henrik Tjarnstrom commented on the final stages of the acquisition deal and thanked the Australians for helping the deal to go through in such a hassle-free process. “We are grateful for the licensing authority’s swift processing which means that we get immediate access to the regulated Australian on-line market,” he said. “The acquisition provides us with a basis to grow market share in Australia and means that Unibet’s gross winnings revenue proportion from re-regulated markets will increase.

Unibet has a powerful presence in the European online gambling and sports betting markets, and is keen to expand into other international markets. It believes that its acquisition of BetChoice will provide it with the necessary platform Down Under.