Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for CasinoBeats. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the...
Read Full BioApple iSports will take full control of LBC Enterprises, which operates Lucky Bet, in a deal valued at approximately $125 million.
The Board of Directors of both LBC and Apple iSports unanimously approved the transaction, which is expected to close in the third quarter of this year, subject to regulatory approval.
Apple iSports believes the acquisition will help further its presence in the US online gambling industry.
In a press release, Joe Martinez, CEO and Chairman of Apple iSports, commented: “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.”
Lucky Bet Targeting Increased Growth in US
LBC Enterprises was established in 2022 in Queensland, Australia, and has been growing its online casino brand Lucky Bet in South and Southeast Asia, the South Pacific, and the USA. The company has expanded its reach since a partnership with Gaming Innovation Group in December 2022.
Ian Parke, CEO of LBC, who will join the board at Apple iSports, stated: “The proposed acquisition of our company by Apple iSports validates the global opportunity we see in regulated, tech-driven gaming.
“By combining LBC’s platform and operational expertise with AiS’s capital markets presence and distribution network, we are primed to accelerate our expansion into new markets and scale our white label program. This partnership represents a major step forward for Lucky Bet and the broader LBC ecosystem.”
LBC will continue to operate under its brand, led by Parke. The company’s white-label B2B platform generates approximately $45 million in annual recurring revenue (ARR).
Apple iSports on Track for NASDAQ Listing
Apple iSports board member and director Lyndon Hsu, who is based in Singapore, said: “This defining transaction will expand our reach into gaming, wagering and payment services markets via B2B and B2C opportunities.
“AiS will also be able to accelerate its stated capital raising objectives and further anticipated business acquisitions. Apple iSports remains on track to become a NASDAQ mainboard-listed company.”
The company’s stock price remained steady at $5.75 following the news, down from a high of $8.98 in May this year.
Apple iSports will hope the deal can turn its recent losses into profits. The company reported a net loss of $2.82 million last year, down from a $3.68 million loss in 2023.
