Swedish betting operator Betsson AB has snapped up horse betting operator RaceBets.

Betsson acquired RaceBets from the company’s founders and the German Thoroughbred Racing Association, in a deal that is worth over $42 million (€40 million).

The horse betting operator, which offers more than 250,000 different races yearly, holds licenses in the United Kingdom, Ireland, Malta and Germany. According to RaceBets, three-quarters of the company’s revenue come from “locally regulated markets” such as Germany and UK, “making it a good strategic fit for Betsson.”

The European horse betting market is estimated to be at €3.5 billion, making it one of the most popular betting sports in the region.