JUE 28 DE MARZO DE 2024 - 12:45hs.
For €70 million

Cirsa buys remaining 50% of Sportium to Ladbrokes

GVC Holdings, the British company that owns Ladbrokes Coral, announced an agreement to sell its 50% stake in Sportium Apuestas Deportivas for €70 million to Cirsa, the Spanish gaming company controlled by private equity firm Blackstone. 'We have enjoyed a good working relationship with Cirsa,” commented GVC Group’s CEO, Kenneth Alexander.

GVC, which acquired the stake through the purchase of Ladbrokes Coral last March, said it will become a B2B supplier to Sportium as part of the deal. 

"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," chief executive Kenneth Alexander said.

"We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership," he added.

Sportium contributed £2.5 million to the group’s proforma operating profit last year.

The announcement comes a day after GVC reported a 5% rise in net gaming revenue for the first half despite this year's figures running up against the World Cup, which boosted last year's results.

This news comes just a day after GVC reported it experienced modest revenue gains in the first half of 2019. While the operator experienced a serious hit to their retail operations due to new maximum limits on fixed-odds betting terminals in the U.K., digital operations, which the company promises to focus on in Spain after its exit from Sportium, helped save the first six months of the year with a 16% increase year over year.

Source: GMB