Ladbrokes enters Australian sports betting sector with new purchase

Ladbrokes the UKs second largest bookmaker has acquired Australian online sports betting firm Bookmaker along with marketing company Panda in its attempt to conquer the growing Australian sports betting sector.

With the cost of the purchase around £13 million Ladbrokes have made their first attempt into a market where William Hill recently purchased another online bookmaking firm Tom Waterhouse for £50 million.

Bookmaker.com.au was launched February 2012 and had revenues of A$400 million for its first full year.

Chief Executive Richard Glynn said the move was in line with the company’s strategy to extend its geographic reach to key regulated markets. UK retail outlets account for 71% of Ladbrokes group revenue compared to 43% for its fierce rival William Hill and Ladbrokes wants more of the online business that their competitor has.