29.Sep .2022 13:00

How Much Revenue Does Adjarabet Have?

How Much Revenue Does Adjarabet Have?
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Adjarabet is one of the leaders of the gambling sector of Georgia, which operates through an online casino and bookmaker.

The holder of Adjarabet is LLC Aviator, the company has already published the 2021 financial report at reportral.ge.

According to the document, last year the company's income reached GEL 381 million, which is GEL 113 million more than the previous year.

The financial report reads, that the net profit of the company has also increased. If in 2020 the net profit of the company was GEL 85 million, in 2021 it increased to GEL 147 million.

According to specific sources, the company's revenues are distributed as follows:

• Income from online casino - GEL 309 million;
• Income from the bookmaker - GEL 32.5 million;
• Income from peer-to-peer games - GEL 24.3 million;
• Other income - GEL 13.6 million.

According to the financial report, "Adjarabet" paid salaries of GEL 43 million in 2021, and spent GEL 34 million on marketing.

In 2019, Temur Ugulava, the founder of the Adjarabet company, sold 51% of Adjarabet to the Irish company Flutter Entertainment for EUR 115.4 million. Accordingly, Flutter is the owner of the majority share of the group today.

Adjarabet operates on the Armenian market in addition to Georgia:

• Income from the Georgian market - GEL 381 million;
• Income from the Armenian market - GEL 258 million;
• Total income - GEL 639 million GEL.