Ladbrokes turn an eye towards purchasing betting exchange BetdaqJanuary 7th, 2013 / lee
Ladbrokes have been in talks over a possible purchase of betting exchange Betdaq. Betdaq, a betting exchange based in Dublin, Ireland have been failing to keep up the pace with other rivals in the market, and Ladbrokes see an opportunity to boost their own online operations with an expansion. So much so that they could be mere weeks away from landing a deal.
Betdaq was founded over a decade ago by Irish businessman Dermot Desmond, operating as a betting exchange where punters could place bets against each other, as opposed to using set odds on sporting events fixed by a regular bookmaker. But in a market with stiff competition, especially from the strength of popular betting exchange Betfair, Betdaq has failed to have a heavy impact.
Ladbrokes, who are Britain’s second biggest bookmaker, are reported to be reading to spend around $30 million in a deal to purchase the betting exchange, adding another big asset to their own operations. This is seen as being a very proactive move from Ladbrokes, who saw their profits from digital business drop in the first half of 2012.
In a response to that, the company has looked to invest more in technology and have had unsuccessful talks to purchase with 888 Holdings and Sportingbet in 2011.