ShareEntain has sold Betdaq back to its former owner Dermot Desmond. In a move that bucks the trend of buying up all manner of gambling businesses, Entain is to hand over the betting exchange it acquired back in March 2018 when it purchased Ladbrokes.
Betfair Still King
Irish billionaire Dermot Desmond sold his Betdaq exchange to Ladbrokes in 2013 for €30 million. No doubt having high hopes for the acquisition, the firm failed to provide real competition to industry leader Betfair.Not a core business for Entain when they took over the Ladbrokes brand, they also failed to boost liquidity on the betting exchange markets and have reportedly sold the struggling business back to Desmond for a mere fraction of the original purchase price.
A statement from Entain contained the following: “We can confirm that Entain has agreed to sell the Betdaq business to Dermot Desmond, for an undisclosed sum.”
From December 1 2021 all Betdaq customers had to agree to a new set of terms and conditions leaving many wondering what changes will be made in the coming months as Betfair continues to dominate regardless of Betdaq currently still offering a flat 2% commission rate.
