29th May 2014 09:26
LONDON (Alliance News) - Online gaming company GVC Holdings PLC Thursday said its new joint venture with Betit Securities Ltd has been granted approval by the Lotteries & Gaming Association of Malta, a move that was required for the venture to go ahead.
Earlier this month, GVC had said it would expand into the Scandinavian gaming markets via the joint venture with Betit Securities. It is taking a 15% stake in the joint venture for EUR3.5 million, and also has a call option to acquire the rest of the venture before the end of September, 2017.
In its statement Thursday, GVC said it has made the EUR3.5 million commitment to Betit following the Maltese authority approval.
GVC Chief Executive Kenny Alexander told Alliance News last month he was looking to make a move into Scandinavia and Asia, where GVC's key brand Sportingbet does not currently have a presence, as well as to use the upcoming football World Cup in Brazil, as its springboard for expanding in South America as early as the fourth quarter of this year.
Betit Securities is majority owned by iGaming veterans Henrik Persson, Andre Lavold and Mikael Harstad, who helped launch Nordic Gaming Group, Betsafe.com and BestGames Holdings.
GVC Holdings shares were up 0.9% at 444 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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