GVC Online Betting Moves to Expand in Scandinavia

Published Tuesday, May 20, 2014 - Online-Casinos.com
GVC Online Betting Moves to Expand in Scandinavia

When a big firm such as GVC Holdings, a multinational sports betting and gaming group decides they like what you’re producing and invest in your company then you have a great chance at success in a very competitive online gambling market. The joint venture agreement with Betit Securities will see GVC acquiring a 15% stake in new gaming company Betit Holdings.

GVC is incorporated in the Isle of Man and has licenses to operate in 7 countries has offices in Ireland, Israel, Malta, Manila, Montevideo, UK and Uruguay over  600 employees or co-workers and does as much as £1bn of sports wagers per year.

The joint venture deal is reportedly worth an initial €3.5 million or $4.8 million is dependent on approval by the Lotteries and Gaming Association of Malta. GVC, also has a call option that cannot be exercised until July 1, 2017 and no later than September 30, 2017 to acquire the balance of outstanding shares.

Chief Executive Officer for GVC, Kenneth Alexander, commenting on the joint venture said the arrangement will allow GVC to expand into Scandinavia, where GVC has not had an opportunity to enter before now.

Alexander remarked, "The lucrative Scandinavian market has been on our radar for some time and we are delighted to be working with the entrepreneurial team at Betit who have a proven track record in the Scandinavian egaming markets, and have already grown the business from a standing-start five months ago to generating revenues of over €40,000 per day now,”

Alexander continued to add, “By entering into this joint venture, we believe that GVC can diversify its revenue streams and significantly enhance the future dividend prospects and valuation of the Group for a minimal initial outlay and is similar to what has been achieved through GVC’s Betboo acquisition in Latin America.”

 

 

 

 

 

 

 

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