Home » Industry News » GVC lands deal acquiring Portugal’s Bet.pt

GVC lands deal acquiring Portugal’s Bet.pt

9 Oct 2020

gvc bet ptGVC Group, owner of Ladbrokes and Coral, has put pen to paper on the acquisition of Portuguese online operator Bet.pt in an effort to expand its positioning in the European market.

Bet.pt has been one of the first Portuguese betting sites to obtain a betting license in Portugal back in 2016 and a casino license in 2017.

GVC officials said about the deal: “By leveraging our technology, extensive portfolio of gaming content, marketing and CRM capabilities, as well as growing the sports offering, we see plenty of opportunities to grow its profitability and market position”.

GVC’s chief executive, Shay Segev, also added: “This acquisition is consistent with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions.”

The deal went public along with GVC’s third quarter results update, in which the operator saw a 12% year-on-year rise in its net gaming revenue until September 30. On another update on the company’s figures and yearly expectations; GVC stated that they expect their full-year net revenues in the U.S. to reach approximately $150 million to $160 million.

At the same time, their full 2020 yearly earnings -before interest and taxes- could reportedly reach a staggering £770 million to £790 million.

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