Stake continues regulated push with acquisition of Italy-facing Idealbet
Crypto-first operator snaps up parent company Baldo Line from legacy Italian gaming company Octavian Group in an undisclosed deal
Stake has acquired Italian sports betting and online casino firm Baldo Line, the parent company of Idealbet, as the seven-year-old operator continues with its push into regulated markets.
The crypto-centric giant has snapped up Baldo Line from the Octavian Group for an undisclosed sum to add to its regulated position in Colombia.
Stake acquired Betfair’s Colombian business from Flutter Entertainment last year to fire the starting pistol on its move towards regulated markets.
As part of this latest transaction, Idealbet will continue to operate under its own brand within the Stake portfolio.
However, Stake noted it would “introduce a portfolio of innovative gaming options to players in Italy”.
The business added: “The combination of Idealbet’s established presence and Italy’s mature, substantial market provides Stake with a robust foundation for growth in the region.”
The current Idealbet site offers sports betting, online casino, horseracing markets, virtuals, live casino and lotteries.
Stake will also establish a local presence in Italy, as it has done in the Colombian capital of Bogotá.
According to the Italian Customs and Monopoly Agency (ADM), Baldo Line has five other live sites in Italy alongside the Idealbet brand: Eldoradobet, Gogobet, Magical Vegas, Total Win and 123bet.
Under the Octavian umbrella, Idealbet is based in the town of Bussolengo in the province of Verona.
The Octavian Group also acts as a supplier, having partnered with Italy-licenced operators such as SKS365, Snaitech and Betflag.
Established in 1970, the gaming group boasts more than 70 titles within its online slots portfolio, supported by its HubCasino aggregator platform and AGP marketing tool.
According to LinkedIn, Octavian CEO Simone Pachera has served as Idealbet’s sole director since January 2021.
Brais Pena, Stake chief strategy officer, said: “This acquisition aligns with our strategic ambitions to increase our global footprint, particularly in an established region like Italy, and marks a significant milestone for Stake. We’re thrilled to work with Idealbet to provide the best experience for our customers.”
Octavian CEO Pachera added: “We’re excited to collaborate with Stake and usher in a new experience for our customers, further expanding the market in Italy.
“Since acquiring Baldo Line, we have built a strong foundation for Idealbet through our AGP gaming platform and HubCasino aggregator.
“Now, we are thrilled to transition operations to Stake, a globally renowned brand with a proven track record of delivering exceptional player experience.
“We are confident that Stake will significantly enhance the growth of Idealbet and bring renewed energy to our players, as well as the entire Italian online gaming market.”
Established in 2017 in Australia, Stake’s hockey-stick growth created the world’s largest crypto operator, turning its young founders, Ed Craven and Bijan Tehrani, into billionaires.
Yesterday, 30 July, Tehrani posted on X how Stake was the most visited gambling website for the month of May, according to search engine marketing company SemRush, comfortably outpacing bet365 and Betano.
In early June, Craven and Tehrani increased their position in ASX-listed PoinstBet to just north of 5% through their Easygo brand.