GVC Holdings acquires Georgian betting group Crystalbet

CVC Holdings PLC and the leading online gaming operator in Georgia, Crystalbet just signed a multi-million deal agreement. The colossal betting group acquired the majority stake (51%) of Crystalbet.

The remaining 49% is set to be purchased in 2021, according to the bilateral agreement. The existing management team will remain in place and keep their full shareholdings. The completion is scheduled for the end of the month after having been successfully subjected to regulatory approval.

Crystalbet’s clear profit for 2017 was €10.2m over a total annual revenue of €34m. The Georgian market is currently fully regulated.

Kenneth Alexande, GVC Holdings CEO, declared he is delighted to cooperate with the Georgian group and its excellent management team.

“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/regulating markets”, he said.

From his part Koba Giglemiani , Crystalbet CEO stated : “When we were looking for a strategic acquirer to take Crystalbet to the next level, GVC was very much our first choice. GVC’s experience and track record in many different geographic markets, together with its technology and marketing skills are key attractions for Crystalbet. We very much look forward to being part of GVC Holdings.”

A few words on GVC and Crystalbet

GVC Holdings is an international online gaming and betting group, having acquired huge operators’ stakes over the past years, such as Sportingbet and Bwin. Established in Luxemburg in 2004, the company is listed on the London Stock Exchange.

Crystalbet, was founded in 2011 and is a top Georgian sportsbook offering such services as casino games, poker, sports betting, etc.