As part of their shift in strategy towards regulated gambling markets, GVC Holdings is to purchase a 51% stake in Crystalbet for €41.3m – with the deal likely to go through by the end of the month
Crystalbet, which was launched in 2011, holds licences for online gaming products such as sports betting, casino games, poker and peer-to-peer games in the regulated market of Georgia. GVC hopes to benefit from their position as the largest online sportsbook in Georgia.
“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.” GVC chief executive Kenneth Alexander said.
GVC also holds plans to purchase the remaining share of the company at a valuation of €150m in 2021.
Koba Giglemiani, chief executive of Crystalbet, added: “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.”
The operational management team will remain in place and retain their full equity shareholdings in the firm following the initial acquisition.