Swedish online gambling and poker operator Betsson has acquired competitor site Betsafe. The acquisition will make Malta-based Betsson the largest single operator on the Mediterranean island.

One of Europe's strongest online gaming brands, Swedish Betsson, has acquired competitor operator Betsafe, the company announced today in a press release.

Based in Malta, Betsson has since its founding in 2001 grown into one of Europe's most successful online gaming companies, and it will now look to increase its strong presence further with yesterday's acquisition of Betsafe.

Betsafe increased its revenues by 119% over the course of 2010, and could as of March 2011 present 84,000 real-money players in its Ongame-powered poker client, counting as many as 148 employees in Malta alone.

The private company was sold to Betsson in an operation completed yesterday, which saw a mixture of founders and shareholding employees receive €32.5 million, of which half is to be paid upfront in cash, with the other half set to be paid out in Betsson shares, the companies informed today.

"This deal will fuel our growth. We strengthen our position in the Nordic region as well as our organization when merging two profitable companies, each of which has proven its ability to gain market share in a highly competitive market environment," said Pontus Lindwall, CEO of Betsson.

Lindwall's sentiments were shared by Betsafe CEO Henrik Persson, who described the sale as a natural step for both companies.

"This is an attractive solution for Betsafe as we share views with Betsson on how to become successful on the global gaming market. Two strong cultures, with common values and goals, now join forces with the aim to further develop the business and eventually become one of the largest and most profitable players in the market," Persson said.

Currenlty registering more than 1 million users, Betsson has been heavily expanding in recent years, with new sites launched in such destinations as Serbia, Finland, Germany, Denmark and Peru.

In 2008, the company further branched out to brick-and-mortar presence as it opened its first betting shop in Stockholm, Sweden.

According to today's press release, all Betsafe employees will continue in their current positions, making the company the single largest online gaming operator in Malta with more than 320 employees.

Source: Poker.org