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GVC to Sell 50% Stake in Sportium Apuestas Deportivas to Cirsa for €70 Million

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6 years ago

July 22, 2019

GVC to Sell 50% Stake in Sportium Apuestas Deportivas to Cirsa for €70 Million

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GVC Holdings has agreed to sell 50% stake in Spanish retail betting business Sportium Apuestas Deportivas to Cirsa for €70 million.

Sportium is predominantly active in the Spanish retail betting market and contributed €2.8 million to the Group’s proforma operating profit in the financial year ending December 31, 2018.

“GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market. We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership,” Kenneth Alexander, CEO of GVC Holdings said.

GVC’s online gaming and sports betting segments posted growth during the three month period. Online NGR increased 16% in Q2 and 17% in the first half of the year, though the latter competed with the FIFA World Cup in 2018.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.