Betsson Group Acquires Majority Share of Suaposta
by Glenn Baird - December 11, 2019
Brazilian Horseracing operator, Suaposta has seen three quarters of their shares bought over by the Betsson Group, as the Swedish giants look to gain a foothold in the Brazilian market.
Despite Betsson now owning 75% of the company, founders Andre Gelfi and Fernando Correa will remain CEO and CFO respectively.
Gelfi said: “We are delighted to announce this agreement with Betsson Group, who are perfectly positioned to enable our business to realise its full potential in the newly regulating Brazilian market.”
The deal was negotiated by Partis with the co-founder of Partis, Rob Dowling commenting: “This deal provides an excellent outcome for both parties.
“Suaposta’s Founders are excited to maintain an active role and to realise their significant growth plans, and Betsson Group have gained unrivalled access into the emerging LATAM online gaming market.”
With new laws past last year that look to have all but confirmed an emerging igaming market in Brazil it would appear that this is just the beginning. Betsson have been one of the first established operators to make a move on the South American market but you can expect to see more deals like this one taking place in the upcoming months.