GVC Purchases 51% Stake in Crystalbet

GVC Purchases 51% Stake in Crystalbet

GVC Holdings PLC has acquired a majority stake in Crystalbet – online gaming company in the Republic of Georgia whose products include sports betting, casino and poker games along with P2P releases. The multinational gambling corporation has cashed out a whopping €41.3 million to gain a 51% share; the remaining 49% of the company is to be purchased by the end of 2021.

Although established in 2011, Crystalbet reported skyrocketing revenues during the financial year, 2017, with income as high as €34 million. The company’s current management team will remain active until further notice, retaining a full equity in shareholdings.

Kenneth Alexande at GVC is excited about the purchase and welcomes the new addition to the network. Impressive results of Crystalbets’ management will complement the concern’s technology, marketing and development skills, since both companies are genuine leaders in regulated markets. He also added that the group remains in line with its proven expansion strategy, which leads to global outreach and dominance.

After purchasing Ladbrokes for £4 billion in December 2017, GVC has continued to focus on regulated iGaming markets, including Denmark and Romania. Whilst talking about the purchase of the Georgian online casino group, CEO, Koba Giglemiani, said that the company will reach new heights in the upcoming period – thanks to GVC’s innovative solutions and experience in tracking records of different geographic areas.

The first phase of a multi-million euro deal is to be completed by the end of March 2018, since it doesn’t fall under any regulatory restrictions. In addition, the concern has also recently partnered with Greentube, whose affiliate brands received entry into the Hungarian market.