GVC seals deal for Australian bookie Neds

GVC seals deal for Australian bookie Neds

Thursday, November 22, 2018 Posted by News Team
Deal creates one of biggest operators in Australian market, GVC claims

GVC Holdings has moved to expand its presence in the Australian market with a deal to acquire online sportsbook operator Neds International. 

The operator will pay an initial consideration of AUD$68m for the business, with the maximum consideration rising as high as $95m. 

GVC noted that through the combination of Neds and Ladbrokes Australia it would become one of Australia’s three largest bookmakers, and expects to achieve annual synergies of around $16m. 

The acquired business went live in October 2017, the latest venture by gambling entrepreneur Dean Shannon, who left Ladbrokes Australia to found the company. Ladbrokes had acquired his Bookmaker.com.au company in 2013 to enter the Australian market. 

Despite having been live for just over a year, Neds has grown rapidly, and expects to report revenue of $100m for the twelve months ended December 31st. 

"Australia is a core market for the Group and today's acquisition further strengthens our position,” GVC chief executive Kenny Alexander said of the deal. “Neds is an exciting business, with talented people and enables us to further grow market share through two differentiated brands."

The new combined business will be led by Ladbrokes Australia CEO Jason Scott, who said he was “thrilled” to be taking on the role. 

It is unclear whether Shannon, currently Neds’ executive chairman, will rejoin the operator. 

Commenting on the deal he said: "GVC is a natural fit for the Neds business, we share the same entrepreneurial ideals, whilst delivering market leading products and service to our customers.”

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