Greentube expands in Italy with Admiral Sport acquisition

Admiral Sport offers a sportsbook and casino site in Italy under the AdmiralYes brand, which has been operated by Novomatic Italia since 2012. It also runs a retail network of more than 100 sports betting locations in the country.

AdmiralYes will become the second B2C brand operated by Greentube in the country, with the StarVegas site being live since 2012.

The acquisition comes just months after Greentube announced the takeover of Italian developer Capecod Solutions and will see it further expand its footprint in this gambling market through synergies with the land-based sector.

Ronald van den Brink, chief commercial officer at Greentube, said: “We are thrilled to complete our second acquisition in Italy in a short space of time to further strengthen our position in the market.

“Admiral Sport is a renowned and trusted Italian player and through this takeover we will double our market share, giving us a better foundation to develop our future activities in the country. Italy is one of the most important regulated markets for online gaming and we see great potential to further grow the business over the next few years.”

Markus Buechele, chief executive of Novomatic Italia, said: “Admiral Sport is a strong brand in the Italian market, both online and in retail, and we are very pleased with how the business has evolved over the years.

“With online continuing to grow strongly, under the umbrella of Greentube, Admiral Sport is best positioned to accelerate its business development and increase its market-share.”

Greentube completed the acquisition of Italian developer Capecod Solutions for an undisclosed amount in November 2021. Capecod had been part of the Novomatic Italia business since 2017 and its products are to be integrated within Greentube’s offering.