GVC Holdings has agreed to sell its 50% stake in Spanish retail betting business Sportium Apuestas Deportivas to casino operator Cirsa for €70m ($78.7m). The deal is subject to regulatory approval.
The operator acquired its Sportium stake in March 2018 and announced at the end of 2018 it had contributed £2.5m to the group’s operating profit.
GVC said the deal will help it to simplify its business in Spain, where it also owns Bwin.
As part of the agreed deal, GVC will now become a B2B supplier to Sportium.
On Wednesday, GVC announced its UK retail EBITDA increased c.£70m year-on-year for Q2, in its first trading report since the reduction in maximum stakes on fixed-odds betting terminals (FOBTS) to £2.
Kenny Alexander, GVC’s CEO said: “GVC is one of the leading online operators in Spain with Bwin and the disposal of our interest in Sportium enables us to simplify our business in this market.
“We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership.”