Unibet Group has signed an agreement to acquire 100 per cent of Australian independent online bookmaker Betchoice Corporation.

The initial acquisition price is £13.6m and the transaction is Unibet's second in a regulated market in recent months. It will provide the company with access to the fast growing Australian online market and position it well for the anticipated opening of live betting products in the country at some stage in the future.

Over the next two years, the company will invest significantly in improving the Australian product portfolio and in marketing to establish the Unibet brand in the fast-growing Australian market. Applying the wider sports product range and risk management techniques within Kambi, Unibet's B2B sportsbook division, to Betchoice will improve Betchoice's offering and financial performance. Kambi will also benefit from integrating Betchoice's racing product within its portfolio.

"We intend to rebrand the business quickly to Unibet," said Henrik Tjärnström, CEO of Unibet. "In addition to benefit from the already existing Australian product offering, the acquisition of Betchoice will provide Unibet with a platform to facilitate other gambling services and opportunities should market conditions continue to improve," he added.

Mark Morrissey, co-founder and chairman of Betchoice, commented: "There is a substantial market opportunity in Australia and with Unibet's expertise in marketing and risk management, together with its market-leading sports betting offering, I am confident that we can increase substantially our market share and establish Unibet as one of the leading brands in Australia."

Completion of the transaction is subject to approval by the Northern Territory Racing Commission and is expected to take place before the end of Q2 2012.