Redbet gets a strong position in the betting market in Lithuania

The Swedish  online betting exchange, casino and poker operator Redbet Holding has announced last week the purchase of 98% of purchase a 98 per cent of Teletoto Ltd,  the only state licensed National Gaming License for both retail bookmaking and online gaming in Lithuania.

Teletoto that has 20 betting shops and plans to go into online betting as well was acquired through a new share issue valued at €1.55 million.

Redbet CEO Jonas Sundvall declared :

“This acquisition provides Redbet with a strong position in the fast growing Baltic gambling market. The acquisition will also enable Redbet to locate certain operative functions to Lithuania in order to benefit from reduced operating costs. “