With a view to strengthen its foothold in sports market, the Raketech has acquired the P&P Vegas Group.
The company with this sports-focused acquisition, intends to tap on the potential markets via websites Picksandparlays.net and Onlinecricketbetting.net . These sources are largely responsible for hosting cricket betting traffic from India.
The deal will enable Raketech to expand its presence in US sports betting market and is likely to yield nearly 5% to 10% of the group’s total from Indian markets.
As per Gambling Insider, Oskar Mühlbach, CEO of Raketech, said: “With these acquisitions, we are delivering on several strategically important goals; significant sports revenues, revenues from high growth markets, boots on the ground in the US and asset diversification and new revenue streams.
“Furthermore, by adding such a strong brand like PicksandParlays, Raketech will be able to add significant value to the US business through the implementation of the affiliate marketing sales in all licensed states. And with the talented and committed team that comes with the acquisition, I am very much looking forward to having them join forces with our central operations team to accelerate growth even further.”
Marcus Egstam, CEO of QM Media added: “By partnering with Raketech we gain access to their well-established infrastructure that will help leverage our strong brands and market positions. We are enthusiastic to become shareholders in Raketech and to be a part of the exciting future we have planned.”
The deal is valued at approximately €16m ($19m).