Paddy Power Betfair has bought a 51% controlling stake in Adjarabet, an online betting and gaming company based in the regulated Georgian market, for £101m.
The company said that through agreed option arrangements it expects to acquire the remaining 49% of Adjarabet after three years.
Adjarabet is licensed to offer a range of online betting and gaming products in Georgia including casino, sports, poker and peer-to-peer games. It is the market leader in Georgia with an estimated 40% share of total online revenues.
The business also launched in the developing regulated Armenian online market in 2017 and had about a 10% share of that market by the end of 2018. Paddy Power Betfair said the deal provides it with exposure to two attractive, fast-growing, regulated markets.