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Sportingbet has confirmed their intention to buy Danish bookmakers Danbook Limited and Scandic Bookmakers Limited for a combined price of around £8.5 million.

The deal is expected to complete in the early part of 2012 and is made up of £4 million in cash and £0.5 million in Sportingbet shares which are payable as the deal closes, there's an extra £4 million of cash to be paid on both transactions after the migration of Danbook and Scandic over onto the Sportingbet platform.

“These acquisitions emphasise Sportingbet's commitment to generating revenue from regulated markets, we have already demonstrated our ability to deliver strong growth in licensed territories such as Australia and we are excited by the opportunity that Denmark represents.” said Sportingbet Chief Executive Andrew McIver.

From 1^st January 2012 a new legislation will be implemented, this taxes online gaming at a lower rate than land based firms in Denmark which has prompted Sportingbet to apply for a Danish licence.

Sportingbet recently acquired Centrebet the Australian based bookmaker in a deal worth AU$183 million. There were whispers of a Ladbrokes takeover of Sportingbet but these were dismissed earlier this week.