Swedish online gambling group Betsson AB has completed its acquisition of Betsafe from investors following the receipt of regulatory approvals for a purchase price that could rise to €60 million.

Based in Malta and offering online casino, poker and sportsbetting services to clients primarily based in Scandinavia, Betsafe increased revenues in 2010 by 119 percent to €25.9 million while reporting twelve-month unaudited revenues to the end of last month of €33.4 million with an operating profit of €6.9 million.

Betsafe has 148 employees and welcomed 84,000 real-money players in March with Betsson stating that the acquisition will also see it benefit from synergies resulting from the integration of platforms and supplier contracts. "This deal will fuel our growth," said Pontus Lindwall, Chief Executive Officer for Stockholm-based Betsson. "We strengthen our position in the Nordic region as well as our organisation when merging two profitable companies, each of which has proven its ability to gain market share in a highly competitive market environment.

Two strong cultures with common values and goals are now joining with the aim of further developing the business and eventually becoming one of the largest and most profitable players in the market."