SVL strengthens presence in sports betting market with new acquisition
Supreme Ventures Limited (SVL) has completed the acquisition of majority shareholding in Post to Post Betting for an undisclosed amount.
Post to Post offers gaming products including sports betting and horse racing in the Jamaican market under the Post to Post and ANYBET brands with 35 locations across the island.
SVL said the move is aligned with its growth strategy to not only expand in the Jamaican horseracing and mobile gaming market but into the region with iBET Supreme in Guyana.
Post to Post will continue to operate as a standalone commercial business promoting their brands and products, as a subsidiary of SVL.
The new subsidiary will enable SVL to better serve various segments of the gaming market and allow the introduction of innovative products to a wider cross-section of customers, SVL President and CEO, Ann-Dawn Young Sang said in a statement.
There will be no immediate operational changes, following the acquisition, with Gintaras Svitojus remaining as general manager.
Young Sang, Ansel Howell and Xesus Johnston has however been nominated to comprise the majority of the Board of Post to Post Betting Limited, which includes Damian Chin-You to the Board of SVL.
SVL’s Sports betting revenues grew considerably over the first quarter, benefiting from the execution of product offerings.
Overall performance for the quarter stood at $924 million, a 14 per cent improvement at the close of the first quarter of 2019 compared to the same period last year.
Concurrently, SVL reported $620.9 million in its consolidated profits, representing the best results in the history of its operations.