• Thu. Sep 22nd, 2022

Gaming exec pays $62m to buy Tabcorp's eBet – The Australian Financial Review


Sep 20, 2022

Former Tabcorp and Tatts Group executive Frank Makryllos is getting back into the gaming venue technology sector via the acquisition of Tabcorp’s eBet.
It is understood Makryllos and his partners will pay $62 million for eBet, or about 10-times earnings, in a deal signed on Monday night.
eBet has more than 525 gaming venues and 30,000 electronic gaming machines on its books.  Peter Braig
“I am excited about leading the eBet business again,” he said in a statement to Street Talk on Monday night.
“We have been planning this transaction for some time and have… brought together a highly experienced executive team with strong industry knowledge that will work with the existing eBet team and immediately refocus the business on our customers and innovation.”
eBet provides membership management, loyalty and reporting software and program to gaming venues, including pubs, clubs and hotels.
The group has about 525 venues on its books and more than 30,000 electronic gaming machines across NSW and Victoria.
Makryllos is well known in the industry. He formerly ran Tatts’ pokies and gaming technology arms, before joining acquirer Tabcorp to run its larger gaming services division MAX until August 2020.
It is understood Makryllos was in talks with Tabcorp for months, before agreeing the deal this week. The acquisition will be made via newly established venture called Venue Digital Technology Pty Ltd.
The signed deal came after Tabcorp announced it was in talks to sell eBet and had identified a preferred buyer, last month.
The company said eBet’s operations, which include technology solutions, products and systems for venues, generated $4.4 million EBITDA in the year to June 30, including $3.2 million in the second half of the financial year.
Makryllos said he would refocus the business on its gaming venue customers, and stabilise the business before working to launch new products.
He was advised by Ad Astra Corporate Advisory, while UBS helped Tabcorp.
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