Swedish online gambling giant Betsson AB has announced that they have purchased the company behind TonyBet, the online poker site launched by Tony G.
A couple of days ago Betsson AB, which runs several online poker sites including Betsson Poker, has announced that they struck an acquisition deal with UAB Lošimų Strateginė Grupė, the company that owns TonyBet.
TonyBet was founded in 2009 by entrepreneur and poker player Antanas Guoga, better known in the community as trash talk master Tony G.
TonyBet is known as the first online poker room to offer real money Openface Chinese Poker (OFC) and is one of the biggest online gambling providers on the regulated Lithuanian market, generating €550,000 profit in the first half of 2016.
The deal will likely be finalized within 30 days with Betsson paying €4,000,000 in cash and an additional €2,000,000 if certain conditions are met.
Ulrik Bengtsson, the CEO of Betsson AB said the following about the deal:
"The acquisition is another important step in the Betsson Group’s efforts to increase their presence on the regulated markets. We are in a strong position on all three legalized Baltic markets and want to strengthen our position in Europe with further acquisitions."
The current trend of mergers and acquisitions in the online gambling market shows no slowing down. Smaller providers can’t sustain themselves and bigger companies are looking to expand their customer base which results in the creation of mammoth companies which also have strong casino and sportsbetting offerings.
Last year, Betsson AB acquired Europe-Bet while Unibet acquired Stan James and 24h Bet in the past few months.
