GVC Holdings PLC has announced its acquisition of Neds International. Indeed, the multinational sports betting and gaming group will acquire Neds for an initial $68 million. Total maximum consideration is expected to be $95 million.

New to the Australian digital sports betting market, Ned International launched in 2017. The proprietary technology that Neds offers is said to compliment GVC’s operations in Australia. Through effective marketing, proprietary technology and the experience of its management team, Neds has seen rapid growth since it launched.

GVC is one of the world’s leading sports betting and gaming groups and it operates both online and in the retail sector.

The group owns a range of established sports and gaming brands. These include bwin, Coral, Eurobet, Ladbrokes, Casino Club, Foxy Bingo, Gala, PartyPoker and PartyCasino. Yet, the Australian market remains a core market for the group and continues to exhibit strong growth. The acquisition of Neds will allow the group to continue its expansion within the Australian market.

Earlier this month, GVC brand Ladbrokes agreed to pay out in full on a cancelled bet following threats by a customer to sue. Equally, shareholders recently dodged a £700 million payout regarding fixed-odds betting machines

CEO Kenneth Alexander commented on the acquisition:

“Australia is a core market for the Group and today’s acquisition further strengthens our position. Neds is an exciting business, with talented people and enables us to further grow market share through two differentiated brands.”

Additionally, Dean Shannon, Executive Chair of Neds, commented:

“GVC is a natural fit for the Neds business, we share the same entrepreneurial ideals, whilst delivering market leading products and service to our customers.”

Equally, Australian CEO of Ladbrokes, Jason Scott, added:

“I am thrilled to lead the Ladbrokes and Neds businesses. The transaction proves beyond all doubt that GVC is here to stay in the Australian market.”

Earlier this year, GVC faced a backlash from shareholders over £67 million paid to two bosses.

At 15:14 GMT today, shares in GVC Holdings plc (LON:GVC) were trading at +1.68%.