Czech lottery and betting giant Sazka Group is poised for major global expansion after receiving a half-billion-euro injection from a major US private equity group.

On Tuesday, Sazka announced that funds managed by affiliates of Apollo Global Management had agreed to invest €500m in Sazka Entertainment AG, a new subsidiary of Sazka’s majority owner Karel Komárek’s KKCG Group. Following the deal, Sazka Entertainment AG will become the new 100% owner of Sazka Group.

The parties said the bulk of Apollo’s €500m investment will go toward acquisition and growth opportunities in Europe and North America, “with a focus on lotteries.” Assuming regulators don’t object, the parties expect the deal to close sometime next year.

Komárek said the partnership with Apollo came following “a series of discussions with major investment funds from around the world” and has positioned Sazka for geographic expansion, “continuing to focus on lottery and complementary gaming verticals.”