StockMarketWire.com - Sports betting group GVC said Thursday it had acquired Neds International for up to AUS$95m.

Neds International, a relatively new entrant into the Australian digital sports betting market, was launched in 2017. The business had grown rapidly and was expected to achieve AUS$c1bn of wagers and gross gaming revenues of AUS$c100m in the year to 31 December 2018.

The acquisition was expected to bolster GVS's operations in Australia, which represented a core market for the group, the company said.

Anticipated synergies from the integration of Neds was estimated at AUS$c16m on an annualised basis and fully realised in 2021, GVC added.

'Australia is a core market for the Group and today's acquisition further strengthens our position. Neds is an exciting business, with talented people and enables us to further grow market share through two differentiated brands,' said Kenneth Alexander GVC, CEO.




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