According to a report by the Financial Times, Paddy Power Betfair now owns a huge piece of the largest online gambling company in Georgia. The gambling giant has purchased a stake in Adjarabet, which will give the bookmaker a significant amount of exposure to the eastern European gambling market.

Paddy Power has purchased 51% of the company through a deal reported to be worth £101 million (US$131.87 million). Adjarabet controls 40% of the online gaming and gambling market in the country, as well as 10% of the market in its neighbor to the south, Armenia.

Paddy Power CEO Peter Jackson states of the deal, “This bolt-on acquisition is in line with our strategy of establishing podium positions in attractive online markets. Adjarabet’s leading brand presence and strong management team has established it as the clear number 1 in the fast-growing, regulated online Georgian market.”

The online gaming market in Georgia has picked up speed over the past couple of years. According to the sportsbook, the industry grew 40% from 2016 to 2018 and is currently generating revenues of around £180 million ($235.03 million). Last year, Adjarabet reported revenue of around £64 million ($83.56 million) and EBITDA (earnings before interest, tax, depreciation and amortization) of £20 million ($26.11 million).