Of all the markets across the gambling world, Australia seems to be one that a few companies can’t get out of their heads at the moment, one of these being California tech firm Apple iSports (AiS) which has agreed to acquire local firm Lucky Bet.
Apple iSports, which has no relation to California tech giants and iPhone manufacturer Apple, has secured a definitive agreement to acquire all the shares in LBC Enterprises Pty Ltd, the Queensland company which trades as the Lucky Bet online sportsbook.
The takeover terms have been approved by both Lucky Bet and Apple iSports’ board of directors. Financial terms have not been disclosed, but the duo have clarified that Lucky Bet CEO Ian Parke will continue to manage the company.
Parke will also become Board of Directors of AiS, alongside James Tennant, another member of Lucky Bet’s executive team. AiS expects the transaction to close in Q3 subject to regulatory approvals and the deal’s closing conditions.
Lucky Bet is not an operator, instead having a B2B focus. It is active across multiple markets, particularly South and Southeast Asian ones, with its white label gaming and fintech solutions operations spanning sports betting, gaming, esports, fantasy sports, and crypto payments, among other areas.
“The proposed acquisition of our company by Apple iSports validates the global opportunity we see in regulated, tech-driven gaming,” Parke remarked.
“By combining LBC’s platform and operational expertise with AiS’s capital markets presence and distribution network, we are primed to accelerate our expansion into new markets and scale our white label programme. This partnership represents a major step forward for Lucky Bet and the broader LBC ecosystem.”
Australia – acquisition central
This marks at least the third major acquisition in the Australian betting space this year, or at least attempted acquisition in one of these three examples. The deal comes amid the ongoing bidding battle between Betr and MIXI Australia for control of PointsBet, an online sportsbook and gaming platform active across Australia and Canada.
Betr itself is a company with a history of M&A, having been founded as a joint venture challenger brand between News Corp and veteran betting businessman Matt Trip before merging with BlueBet last year. Betr is currently the trading name of BlueBet.
As well as bidding to acquire fellow Aussie brand PointsBet, a prospect which it seems very keen to achieve if its off-market offer after being rejected by PointsBet’s board in favour of Japanese tech firm MIXI is anything to go by, BlueBet/Betr expanded its presence via M&A once again earlier this year by taking over Northern Territory firm TopSport.
The Northern Territory, interestingly, is also a key territory for the firm’s bidding rival MIXI Australia, which is already active in that state as the owner BetM. A question to be raised though is – why are so many firms interested in Australia?
Australia is a very valuable and well established market, that much is true, but it is also one that is highly competitive, dominated by the likes of Tabcorp, Labrokes, Neds and Sportsbet, though some like Betfair and bet365, and Betr of course, have found their place.
It is also a market that seems set to go through some regulatory changes, with it looking increasingly likely that some significant ones may come down from the federal government, which is facing more and more pressure to make good on pre-2025 election commitments.
However, many of the firms on the hunt for Australia M&A may not have their sites just set down under. MIXI’s ambitions with PointsBet may be closer to home, for example, with the firm also running a betting tipster site covering the few sports which can be legally bet on in Japan.
In AiS’ case, the firm may also have ambitions far beyond Australia’s borders. As mentioned above, Lucky Bet’s activities encompass gaming and fintech, and its reach extends into Southeast Asia – somewhere where many regional betting firms have shown a willingness to use white label deals, similar to those provided by LBC, to enter new markets.
In addition, the firm also has a presence in AiS’ home nation of the US, and this is likely the source of the company’s main ambition. AiS seems to have been on the hunt for a sportsbook and gaming platform as a means of getting in on the boom in US sports betting, albeit a boom that has not yet reached its home state of California just yet.
Joe Martinez, CEO and Chairman of Apple iSports, commented: “The Board of Directors is excited to continue rolling out our stated objectives with our proposed acquisition of LBC.
“Our service offerings to B2B and B2C will now be significantly enhanced in a rapidly growing sector. Combined with our exceptional team, this transaction catapults us into the US and international gaming markets.”
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