Ladbrokes buys share in US gambling group
Ladbrokes has purchased a stake in a Las Vegas-based gambling company, as the betting operator seeks to capitalise on the US potentially allowing a regulated sports betting market in future.
The London-based company parted with £1.9m to acquire a 65% stake in Stadium Technology Group, which specialises in sports betting technology.
Sports betting is currently outlawed in all but four US states.
However in December, a new policy regarding online gambling was announced by the US Department of Justice, prompting suggestions that it could be the catalyst for greater relaxation of US gambling laws.
The DoJ has continued to make it clear that they regard sports betting as illegal, but this has not deterred Ladbrokes from making the acquisition.
“The size of the US market and potential for positive regulatory change in the coming years make it a sensible place to establish a presence,” said Ladbrokes’ chief executive Richard Glynn. “Stadium Technology is already one of the key software suppliers to casinos in Nevada and Delaware and it has the potential to expand.”