(PRESS RELEASE) -- Sporting Index Group has acquired Touchbet, an algorithmic sports trading and risk management business, for an undisclosed sum.
Touchbet, based in Sweden and Malta, operate in a complementary space to Sporting Solutions, the award-winning B2B arm of the Sporting Index Group.
The acquisition enhances Sporting Solutions' existing Risk Management Services (RMS), whereby Sporting Solutions provides outsourced pricing and trading expertise to leading sportsbooks and manages their customer-generated liabilities.
Founded in 2006, Touchbet manages risk on an average betting volume of circa €4 billion per annum. All core systems are proprietary, adding to the Sporting Index Group's ethos of building and owning all of its own technology.
Prior to the transaction, Sporting Index Group owner Magnus Hedman was a founding shareholder in Touchbet.
Simon Trim, CEO of the Sporting Index Group, said, "Touchbet has extensive experience of providing highly automated risk management services, both for lotteries that offer sports betting and for private operators in regulated jurisdictions.
"This acquisition strengthens the Group's competitive advantage in trading and risk management and builds on the excellent momentum and exciting growth we have achieved over the past 12 months."
Ralfh Backlin, CEO of Touchbet, added, "We believe that combining the capability of Touchbet further improves Sporting Solutions' market-leading proposition. Together we provide an end-to-end sports betting solution for the B2B market that is unsurpassed in terms of breadth, depth and expertise."