Dermot Desmond Re-Owns BETDAQ after 8 Years
Entain Plc has announced its sale of BETDAQ back to its former owner and founder, Dermot Desmond after the company was first purchased by Ladbrokes Coral owner in 2013.
Desmond, an Irish billionaire financier, is retaking the second largest betting exchange after he first took control of BETDAQ eight years ago in the early days of online gambling.
With approximately a 7% market share, BETDAQ is currently the second largest betting exchange operator challenging Betfair’s dominance in the market.
In a one-line statement, Ladbrokes Plc, who purchased the betting exchange for £30 million in 2013, announced their decision to divest BETDAQ to its former Irish owner.
However, the company didn’t state the amount of money involved in the deal, although speculations suggest that the money may be less than £25 million.
BETDAQ’s new owner, Dermot Desmond, current net worth is about £1.5 billion, and he holds the largest share at Scottish premiership’s club, Celtic. The billionaire started his career in finance at Citibank and later established NCB Stockbrokers in 1981, which soon became Ireland’s largest independent brokerage.
Desmond sold NCB in 1994, and with its proceeds, he founded a private equity firm, International Investment & Underwriting, which currently has investments in Mountain Province Diamonds, Datalex, a travel software company, and Barchester Healthcare.