Ladbrokes buy Betdaq
As of the deal, Ladbrokes will also acquire a 10 per cent stake in TBH Guernsey Ltd, the technology provider to Betdaq for €4 million.
The deal is expected to be completed next month. The deal marks Ladbrokes's first foray into the betting exchange market.
The exchanges offer punters a chance to bet against each other in addition to using the odds set by the bookmaker.
There had been ongoing speculation in the betting industry for the last year that Ladbrokes was interested in buying either Betdaq or its betting exchange technology.
Ladbrokes, Britain second largest bookmaker, has been looking to halt the slide in its share of the online betting market, where it has lost ground to rivals such as Paddy Power, William Hill and Betfair.
Thurles report the ground as soft to heavy on both tracks ahead of their meeting next Thursday.