Tipp24 buys stake in GeoSweep developer Roboreus
German operator acquires 25.7% stake in lottery game provider for £10m " chief executive becomes non-exec director of UK firm.
German operator Tipp24 has invested £10m to acquire a 25.7% stake in Roboreus, the UK-based developer of the GeoSweep online location-based lottery game.
UK-licensed Roboreus’ subsidiary GeoSweep Limited runs the game, which is available in the UK and licensed by the UK Gambling Commission, and parts of Canada via a cooperation agreement with the Atlantic Lottery Corporation.
The deal could rise to £11.9m depending on GeoSweep’s financial performance and Tipp24 CEO Dr Hans Cornehl has also been appointed a non-executive director of Roboreus.
Cornehl said in a statement: “The investment is an important step in the internationalisation of Tipp24. GeoSweep is one of the few truly attractive product innovations in the entire online lottery business over the last ten years. The product can be easily and flexibly adapted to local market needs around the world. With our expertise in the end-user business, we can play an important role in helping GeoSweep achieve further international growth.”
Tipp24’s spin-off business Lotto24 had its initial public offering in July last year following the brand’s relaunch in Germany in February. In a statement for its second quarter results, the company said it planned to “sign agreements with further state lottery companies” to expand its operations.