Superbet Group has acquired a 60% stake in online casino operator Lucky 7, in a deal the Central and Eastern European betting and gaming business said would help to diversify its operations.
Financial terms of the deal were not disclosed, but Superbet said the purchase marks the second step in its strategy, having made an initial investment in the platform during its start-up phase in early 2019.
Founded by Olof Orn, Karl Ahlberg and Magnus Petersson, Lucky 7 operates a number of online casino brands across multiple markets in Europe and the Americas.
The business has also applied for licences in other regions, and expects to launch in three new markets within the next 12 months.
“Lucky 7 is an acquisition that complements our current expertise well and further diversifies the SB Group across multiple geographies,” Superbet chief executive Johnny Hartnett said. “Additionally, it significantly boosts our online gaming revenue and brings product and marketing expertise the group will benefit from for years to come.
“I have long been an admirer of Olof and the team from the other businesses they were involved with in the sector. Being able to partner with them to grow together is a great opportunity.”
Lucky 7’s Orn added: “We have a perfect match here. On the one hand we have Lucky 7, a relatively new but already strong company both in terms of absolute numbers, but also in terms of product, player experience, online casino, and digital marketing expertise.
“On the other hand, there is the Superbet Group known as the best multichannel sports betting operator in the Central and Eastern European region.”
Superbet Group is part-owned by private equity group Blackstone, which in May last year committed to a £175.0m (€191.5m/$225.0m) strategic minority investment in the business.
Earlier this month, Superbet also signed up as a member of the International Betting Integrity Association (IBIA).