Sporting Index Group has completed the acquisition of algorithmic sports trading and risk management business Touchbet for an undisclosed amount.
Touchbet will now operate in a complementary space to the Sporting Solutions B2B arm of Sporting Index.
In a statement, Sporting Index said the purchase will bolster Sporting Solutions’ existing Risk Management Services, with Touchbet currently managing risk on an average betting volume of approximately €4bn ($4.5bn) each year.
Prior to the acquisition deal, Magnus Hedman, the owner of Sporting Index, was a founding shareholder in Touchbet.
Simon Trim, chief executive of Sporting Index, said: “Touchbet has extensive experience of providing highly automated risk management services, both for lotteries that offer sports betting and for private operators in regulated jurisdictions.
“This acquisition strengthens the group’s competitive advantage in trading and risk management and builds on the excellent momentum and exciting growth we have achieved over the past 12 months.”
Ralfh Backlin, chief executive of Touchbet, added: “We believe that combining the capability of Touchbet further improves Sporting Solutions’ market-leading proposition.
“Together we provide an end-to-end sports betting solution for the B2B market that is unsurpassed in terms of breadth, depth and expertise.”
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