Ladbrokes is to acquire Australian sports betting business Gaming Investments and has launched Ladbrokes.com.au.
The agreement will see Ladbrokes acquire GIPL under its Australian arm, Ladbrokes Australia, for an initial consideration of A$22.5m (£13m) and will include an extensive network of racing and sports betting sites in Australia.
Ladbrokes chief executive officer, Richard Glynn said: "The acquisition of this fast growing business represents an excellent opportunity for Ladbrokes to establish a strong presence in Australia, in line with our strategy to extend geographic to reach to key regulated markets."
Glynn added: "At launch Ladbrokes Australia will have a highly experienced management team who are strongly incentivised to achieve further customer and revenue growth over the coming years."
Ladrokes Australia will be overseen by Damian Cope, Ladbrokes international and group strategy director, however GIPL's operations will continue to be based in Brisbane under the leadership of the founder and CEO Dean Shannon.
