Entain sells Betdaq Exchange to Dermot Desmond


Entain has revealed he was selling Betdaq back to Irish billionaire Dermot Desmond almost nine years after he bought it from Irish billionaire. [Image: Shutterstock.com]

A rapid transition

Entain has reached an agreement to sell its Betdaq sports betting exchange for an unspecified sum. The buyer is the former owner and billionaire of Betdaq Dermot Desmond.

the change of ownership will officially come into effect on December 1

Betdaq sent an email to its customers on Wednesday informing them that the change in ownership will officially go into effect on December 1. On that date, Betdaq’s license will be transferred from its current parent company of LC International Limited to Exchange Platform Solutions Limited before the latter is sold.

When customers log into their accounts after the December 1 transfer, they will need to agree to the new terms and conditions. Customers will only be able to continue using their accounts if they do so. Betdaq customer funds will be transferred to a separate bank account in the name of Exchange Platform Solutions.

No precise figure

Speaking of selling to EGR, a spokesperson for Entain said: “We can confirm that Entain has agreed to sell the Betdaq business to Dermot Desmond, for an undisclosed amount.”

The spokesperson did not provide further details on the sale, but it is reported that it was for a fraction of the € 30m ($ 33.6m) Ladbrokes initially paid for Betdaq in January. 2013.

Entain owns a number of gambling brands including Ladbrokes, Coral and partypoker. Along with the purchase of Betdaq, Ladbrokes also acquired a 10% stake in TBH Guernsey Ltd, Betdaq’s technology provider, for 4 million euros ($ 4.5 million). The operator then uploaded a Ladbrokes-branded sports betting exchange powered by Betdaq.

Bettaq’s story

Betdaq was founded in 2000 as a competitor to companies like Betfair and Flutter. Betfair has long been the clear leader in the sports betting exchange industry, with Betdaq being a distant competitor when it comes to liquidity levels. In an effort to try to stay competitive, Betdaq has implemented a 2% flat fee in all markets.

Dermot Desmond is an Irish financier and billionaire who owns a number of significant business interests, including being the largest individual shareholder of Celtic FC. He previously owned 2.8% of Ladbrokes and attempted to block his 2016 acquisition of Gala Coral.

Although profitable, Betdaq has not received much attention from Entain, whose main markets are online casinos and fixed odds sports betting spaces. Betdaq’s future has been uncertain since the reverse takeover of Ladbrokes Coral Plc of 3.8 billion pounds sterling ($ 5 billion) by GVC Holdings (now Entain Plc) in 2018.

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