GVC Holdings are one of the key players in the sports betting and gaming industry. They are also a constituent member of the FTSE 250 and their shades currently trade on the Main Market of the London Stock Exchange. Running from their base on the Isle of Man, the business is split into four sections and they are responsible for some of the world’s leading brands and this is what has helped them to climb to the top of the ladder.
In terms of sports and casino labels, GVC have a large number including the likes of Party Casino. They aren’t a group who rest on their laurels though, especially in an industry where competition is so rife and once again they have took another huge stride forward by acquiring another online gaming firm.
GVC Holdings have announced that they have agreed a deal of €41.3 million in order to a acquire a 51% stake in Crystalbet who are an online gaming company hailing from the Republic of Georgia. They’re an operator who offer sports betting, table games, slots and live casino services and they will be the perfect addition to the already hugely impressive GVC Holdings portfolio.
Crystalbet have been in operation since 2011 and they hold all the licenses that allow them to offer gaming services, sports betting, casino gaming, peer to peer games and poker throughout the Republic of Georgia thanks to its market being fully regulated. They’re a company on the up and it’s no surprise that GVC Holdings moved quickly to acquire a majority stake.
Crystalbet announced figures during the financial year of 2017 which showed reported revenues of €34 million with EBITDA of €12 million and after tax €10.2 million. It shows that the company was and continues to move in the right direction under the current management team and this probably played a part in GVC deciding that those in the Crystalbet management set up would remain with the company and also retain their full equity shareholdings.
A statement by the GVC Holdings CEO certainly recognised the work of the management team over at Crystalbet as he said: “We are delighted to welcome Crystalbet to the GVC Group, having been impressed with what the management team has achieved thus far. Through access to GVC’s content, technology and digital marketing skills, we believe Crystalbet can become a clear leader in the regulated Georgian market. This acquisition is in line with our stated strategy of being a truly global player, with a focus on regulated markets.”
This certainly highlights the fact that the GVC Group’s initial plans are to use their expertise in order to propel Crystalbet to the fore of online sports betting and online gaming before making them a name further afield. One thing’s for sure though, this is unlikely to be the last positive move by GVC Holdings in what should be a very interesting 2018 for the group.