The owners of top online betting giants, Coral and Ladbrokes, GVC Holdings announced the acquisition of the Australian start-up company, Neds International. The deal is said to be worth up to A$95 million.
Neds is an online sports betting operator and the brainchild of the former chief executive of Ladbrokes Australia, Dean Shannon who founded the company in 2017. Neds is one of the most successful start-ups in Australia and the company is expected to see gross gaming revenue of over $100 million this year. Neds International increased its product brand with heavy marketing campaigns and that, combined with Shannon’s many years of experience in the sports betting market and the company’s excellent proprietary technology platform, has resulted in stunning growth.
Ladbrokes Australia and Neds International will now be jointly run by Ladbrokes’ CEO Down Under, Jason Scott.
“GVC is a natural fit for the Neds business,” said Shannon, who would not comment on whether he would remain on at Neds. “We share the same entrepreneurial ideals, whilst delivering market leading products and service to our customers.”
This is the second time that Shannon has been in this type of situation. In 2013, Ladbrokes paid $22.5 million for his Bookmaker.com.au online betting business. Four years later, Shannon left to create Neds International, making this the second multi million-dollar company acquired from him by the international gambling icon.