Along with a sportsbook, Adjarabet runs a successful independent online poker room. At approximately 200 concurrent cash game players, the online poker room is approximately the size of India’s PokerBaazi and Italy’s People’s Poker.

Paddy Power Betfair has bought a 51% controlling stake in Adjarabet for £101 million, the company announced earlier this month.

The deal gives Paddy Power the option of acquiring the remaining 49% of Adjarabet after three years. According to the press release outlining the terms of the deal, this will be at a cost equal to seven times Adjarabet’s 2021 EBITDA.

“This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets,” Peter Jackson, Paddy Power Betfair CEO, said in the press release.