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

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.