Sportingbet Takeover of Centrebet Complete

A significant shift has taken place in Australian sports betting in the past month, with London-listed online sportsbook operator Sportingbet completing its takeover of Aussie rival Centrebet.

$183 million deal completed

Sportingbet purchased Centrebet for US$183 million, completing the deal after almost four months of negotiations. The London-based gaming operator had already offered its services in Australia through a Northern Territory license, and now become the country's largest online bookie.

"We are delighted to complete the acquisition of Centrebet, which means we are now the leading bookmaker in Australia, as fast growing and regulated market," Sportingbet CEO Andrew McIver said at the time. He added that the transaction highlights the company's strategy of geographic diversification.

What now for Centrebet?

Sportingbet's takeover of Centrebet was all but completed in August when it received the approval of the Federal Court of Australia. That decision followed an announcement a week earlier that Centrebet shareholders had approved the plan.

Under the deal, Centrebet has been officially delisted from the Australian Securities Exchange and become a wholly-owned Sportingbet subsidiary, establishing Sportingbet's place at the top of Australia's online sports betting ladder.