One of the biggest names in sports betting and gaming, GVC Group, recently acquired Portuguese-based online operator, Bet.pt. The Ladbrokes and Coral owner aim to expand its business across the Iberian Peninsula with this deal.
Bet.pt was one of the first entrants to the regulated gambling market in Portugal. It was granted its sports-betting license back in 2016 and its casino license later in 2017.
The market is growing at an impressive rate, and revenue is expected to increase to more than twice the average amount to around €450 million ($529 million) by 2023.
GVC names Bet.ph as one of Portugal’s leading online operators, with a particular strength in sports betting.
“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 said.
Shay Segev, GVC chief executive, commented on the deal, saying:
“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.”
Bet.pt was launched in Portugal in 2016, via a partnership with SBTech, a sportsbook platform provider.