Technology
Apple iSports to acquire Lucky Bet operator LBC Enterprises
Entertainment technology company Apple iSports Group has agreed to acquire Australia-based gaming and fintech platform provider LBC Enterprises, operator of the Lucky Bet brand.
According to Apple iSports’ website, the company “delivers advanced infrastructure and immersive sports and gaming platforms — powered by strategic tech partnerships.
The business says it is “strategically positioned at the intersection of technology, media, and entertainment — where sports and entertainment are rapidly converging,” and is “tackling today’s digital infrastructure gaps with focused, strategic acquisitions.”
Apple iSports was founded by Australia-based entrepreneur Marino Sussich, and is led by Joe Martinez as chairman and CEO.
Martinez is described by the company as “a key contributor to multiple companies’ funding and IPOs”, who has “served as CEO of several public companies, leading them from startup through management, public offering, and successful sale to private equity firms.”
Apple iSports’ management team is further bolstered by technology veteran Jeremy Samuel as president and director, and seasoned online betting expert Lee Saltzer as COO.
LBC management to remain in place
Meanwhile, Lucky Bet operator LBC Enterprises is led by CEO Ian Parke, who will continue to run the business post-acquistion.
Both Parke and James Tennant will join the board of Apple iSports as directors following completion of the deal, which is expected to close during Q3.
“The proposed acquisition of our company by Apple iSports validates the global opportunity we see in regulated, tech-driven gaming,” Parke commented on the agreement.
“By combining LBC’s platform and operational expertise with Apple iSports’ capital markets presence and distribution network, we are primed to accelerate our expansion into new markets and scale our white label programme. This partnership represents a major step forward for Lucky Bet and the broader LBC ecosystem.”
Apple iSports CEO Martinez added: “The board of directors is excited to continue rolling out our stated objectives with our proposed acquisition of LBC. Our service offerings to B2B and B2C will now be significantly enhanced in a rapidly growing sector.
“Combined with our exceptional team, this transaction catapults us into the US and international gaming markets.”
Media reports suggest the deal is valued at $125m.