Foxy Bingo owner GVC has eyes on Georgia as it buys Crystalbet for around €190m

Lucy White
Celebrity Mum Of The Year Awards
GVC recently bought Ladbrokes Coral (Source: Getty)

London-listed GVC, the owner of betting sites such as Foxy Bingo and Sportingbet, has agreed to buy Crystalbet for around €190m (£169m).

The deal, which follows hot on the heels of GVC’s £4bn Ladbrokes Coral acquisition, is set to boost the company’s presence in the Georgia as it focuses on regulated markets.

GVC will initially acquire 51 per cent of the company for €41.3m, and has committed to buy the remainder in 2021 for either €150m or seven times earnings before deductions – whichever is lower.

Read more: GVC positions itself as consolidator with disposal of Turkey business

“Through access to GVC’s content, technology and digital marketing skills, we believe Crystalbet can become a clear leader in the regulated Georgian market,” said GVC’s boss Kenneth Alexander.

“This acquisition is in line with our stated strategy of being a truly global player.”

Last year, Crystalbet made revenues of €34m and a profit after tax of €10.2m.

GVC believes the company is the largest online sportsbook in Georgia, and the country’s second largest online gaming brand overall.

GVC’s shares were down more than one per cent on the close.

Read more: GVC and Ladbrokes Coral shares hit by €200m tax dispute

Related articles