Boylesports to buy more betting stores

As part of its growth and expansion strategy, Boylesports is close to completing its second UK acquisition and is also set to swoop for more independent Irish betting stores.

The Dundalk-based book maker has recently agreed to purchase the final five Galway-based betting shops which were previously owned by Mulholland Bookmakers, a local business.

As a result of its latest purchases, the company has now hit its target number and now owns 260 shops within the Republic.

It’s believed that the company is cashing in on a recent tax increase, something which is expected to hit local bookmakers hard. Earlier this year tax was doubled to 2% and many independent chains are therefore being forced to consolidate. The measures was introduced as part of the budget and could be further amended next year.

To that extent, it is being viewed as inevitable that Boylesport will purchase even more of the struggling chains.

Its main rival, Paddy Power, has also confirmed that it will likely take a £20million hit this year as a result of the new tax measure.

Furthermore, it is believed that Boylesport is now close to closing its further British chain acquisition. The second chain is unnamed but is believed to be based in the Midlands.

This comes following its earlier acquisition of the Wilf Gilbert chain in June this year. This deal saw 13 betting shops in Birmingham being rebranded under the Boylesports name.

The company is now using the Midlands as its key area of the growth in the UK, and it has recently signed up Birmingham City Football Club as its first UK shirt sponsor.

The second UK deal is likely to push its UK portfolio to over 20.