Stan James, a Gibraltar based betting firm announced today that it has been purchased by Unibet for £19 Million. This deal will allow for Unibet to gain the Stan James & utilize the existing library of games that they already own.
This deal is mainly being done in order to strength Unibet’s position with the United Kingdom online gambling market. The previous owners of Stan James will be taking the £19 Million that they’ve gained from the buyout and use it towards strengthening their sports betting & horse racing platforms with a new casino. Unfortunately that new casino has yet to be revealed and most likely won’t be for some time. The CEO of Stan James will be remaining at the company while the board will be moving onto their new projects. Dennis Kelly, the CEO at Stan James has openly stated that he agrees with this buyout and that it’ll allow for a substantial growth in the market for their casino. He also noted that Unibet’s expertise can only be used for good in a buyout such as this one.
Unibet also released a rather large statement that essentially ensured that all one hundred and fifty employee’s working at Stan James in Gibraltar will not lose their jobs. The statement also noted that this buyout isn’t just economically smart for two different countries but also will allow for the 150 employee’s to gain a larger income by switching over their employment to Unibet. Unibet hopes to have this buyout completed by the end of the fourth quarter of 2015.