Italian gaming operator Gamenet Group SpA has reportedly announced a deal which will see it pay out approximately $310 million so as to buy all of the funds in national rival GoldBet.
Combined thing to be ‘apparent chief ’ in Italy:
According to a report by iGamingRadio.com, Guglielmo Angelozzi, Chief Executive Officer for Rome-headquartered Gamenet Group SpA, said that the purchase is set to make his company a ’apparent chief ’ in the traditional Italian betting market and let it expand its presence into a number of different verticals.
Paola Bausano, the company ’s Chief Executive Officer, purportedly explained that the deal will see the joint entity’s property top 1,700 and let it ‘exploit the synergies and know-how of both companies’.
Chief operator in ‘more conventional ’ areas:
IGamingRadio.com mentioned Paul Leyland from gaming company Regulus Partners as detailing that the enlarged business is put to control around 21 percent of the Italian retail sportsbetting marketplace alongside some 33% of its own digital bookmaking sector and will now be able to transform into a ‘clear pioneer in more traditional betting products and channels’.
Expert advises caution:
However, Leyland allegedly cautioned that GoldBet and Gamenet Group SpA currently only hold 3.8% and 3.1% stocks in Italy’s online sportsbetting marketplace with this joint stake making its ‘a credible number four’ behind rivals Bet365, SKS365 and GVC Holdings. He supposedly declared that it was his opinion that this will place the pooled business ‘stuck in the mid-tier of a stubbornly fragmented Italian online marketplace with neither side bringing anything to break out of the ’.
Online powering Italian marketplace ’s expansion:
London-based Leyland allegedly divulged that Italy’s gambling sector is currently ‘being powered first and foremost by online’ nevertheless that this still represents a relatively undersized percentage of total earnings at only about 29%.
Leyland allegedly said …
“Combinations using very large machine exposure and relatively limited domestic online capacities still remain contested, in our opinion. Conversely, it’s telling that all of the best four online businesses in Italy are online-led and none has substance machine exposure.
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