Raketech continues US growth with P&P Vegas Group acquisition
Deal set to close by September 15.
Raketech, an iGaming performance marketing partner, has today revealed the acquisition of the P&P Vegas Group INC. With this acquisition, Raketech’s place in the US market is set to grow, with it now owning the betting tips platform Picksandparlays.net.
The company has stated it believes this will see its US-based earnings double.
P&P Vegas Group, based in Ohio, has been purchased for around $18m and brings with it an expertise in US sports betting, as well as a strong social media presence through the Picksandparlays platform.
Currently, the group’s revenue streams are primarily related to user subscriptions and tip sales.
“With these acquisitions we are delivering on several strategically important goals. Significant sports revenues, revenues from high growth markets, boots on the ground in the US and asset diversification and new revenue streams,” said Oskar Mühlbach, CEO of Raketech.
He continued: “Furthermore, by adding such a strong brand as Picksandparlays, Raketech will be able to add significant value to the US business through the implementation of the affiliate marketing sales in all licensed states. And with the talented and committed team that comes with the acquisition, I am very much looking forward to having them join forces with our central operations team to accelerate growth even further.”
The acquisition also sees Raketech take over all assets from QM Media AB, including India’s leading cricket betting website; Onlinecricketbetting,net. Raketech has stated it believes this will increase its revenue by 5-10% by Q4 of 2021.
Speaking on this part of the acquisition, Marcus Egstam, CEO of QM Media, said: “By partnering with Raketech we gain access to i well-established infrastructure that will help leverage our strong brands and market positions. We are enthusiastic to become shareholders in Raketech and to be a part of the exciting future we have planned.”
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