Ladbrokes has entered the Australian market by buying the owner of online bookmaker Bookmaker.com.au and sports marketing firm Panda Gaming.
Ladbrokes has agreed to pay an initial A$22.5 million, or about £13m sterling, for Gaming Investments. The deal will give it a low-cost entry into the regulated and growing Australian sports betting market.
Launched in February 2012, Bookmaker.com.au achieved about A$400m in stakes for the year to the end of June 2013, Ladbrokes said.
Chief executive Richard Glynn said the move was in line with the company's strategy to extend its geographic reach to key regulated markets. UK retail accounts for 71% of Ladbrokes' group revenue compared to 43% for its rival William Hill.
William Hill agreed to buy Australian online betting firm Tom Waterhouse NT for up to A$110m last month, following its acquisition of Sportingbet Australian arm for A$670m earlier this year.
The Australian online gambling market is estimated to be worth around A$6 billion ($5.4 billion) annually. Sportingbet, Ireland's Paddy Power and Australia's Tabcorp are the three leading players.
