Digital sports-betting has been gaining momentum in the Australian market, with a fast-growing appetite for online wagering.
GVC Holdings PLC (LSE: GVC), the multinational sports betting and gaming group, announced the acquisition of Neds International in December of 2018.
Launched in 2017, Neds International is a relatively new entrant into the Australian digital sports betting market, licensed in the Northern Territory.
With offices in both Darwin and Brisbane, the business has grown rapidly through a combination of effective marketing, proprietary technology and an experienced management team. In 2018, Neds expected to achieve approximately $1 billion of wagers and $100 million of revenue.
GVC chief executive Kenneth Alexander said Australia is a core market for GVC.
This deal represents a key milestone in development for the company who will become a market leader in Australia. Scale is increasingly important, and the combined Ladbrokes and Neds business will become a top three player.
Jason Scott, Australian CEO of Ladbrokes, is thrilled to lead the Ladbrokes and Neds businesses.
Dean Shannon, Executive Chair of Neds, will stay on as a consultant. “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,” Mr Shannon said.