Cherry Casino bought Betman
The leading Swedish casino operator is expanding further with the acquisition of their local competitor Betman. Cherry will take over the casino agreements, casino staff and equipment from Betman in a deal worth €407,600.
The agreement, which includes a maximum additional purchase price, amounts to SEK3.9 million (€407,600/$455,200). Cherry board believes this deal will give them return on this investment in less than two years.
The deal is also expected to contribute SEK11 million in revenue and earnings before interest, tax, depreciation and amortisation of SEK2 million.
Betman is an established brand in Sweden. It operates restaurant casino services in 15 venues in Stockholm, Sälen and Visby.
Cherry Casino on the deal
Chief executive of Cherry, Fredrik Burvall, said: “The acquisition of Betman means that we further solidify our leadership position in the restaurant casino market.
“It further strengthens our position in Stockholm, Sälen and Visby and adds qualified personnel, while we can use our scale advantage to help the venues perform even better.”
Cherry is also well known brand in the UK. They brought their Swedish experience to Britain and up to now operate a very successful online casino.