Betsafe has become the first Betsson-owned brand to add a horse racing betting product to its sportsbook offering.

The Betsafe launch coincides with this year's Royal Ascot festival, which begins on Tuesday June 20th and runs until Saturday June 24th.

The launch has been facilitated by Betsson's €34m acquisition of RaceBets, agreed in December 2016, which saw the company take charge of a horse racing product and trading team alongside its sportsbook product.

Betsson says this has enabled it to offer a product on par with the best operators in the market, featuring odds on 250,000 races each year.

"Horse racing is an essential part of a competitive sportsbook offering if you want to be a strong competitor in markets like the UK and Ireland," Betsson president and CEO Ulrik Bengtsson said.

"By launching horse racing on Betsafe we are levelling up our sportsbook significantly," he continued. "The fact that we do it ahead of our planned launch date is also credit to our integration capabilities. The next step is to launch horse racing on our other brands. Moreover, we have made a number of other improvements of our sportsbook and will soon also make an upgrade of our mobile sportsbook."

Shares in Betsson AB (Co.Data) (STO:BETS-B) were trading up 0.86 per cent at SEK76.25 per share in Stockholm Friday morning.