Betaland Sold by GVC Holdings

Real buyer not known yet Finalization of the sale of GVC Holdings' sports betting subsidiary Betaland has been announced this week, following the Malta online gambling regulator's approval of the sale and transfer of existing licenses to the new owner. Still, it is not known at present who the buyer is. Back in mid-April GVC announced that its wholly owned Maltese subsidiary, GVC Corporation Limited had agreed with an independent third party company, GVC New Limited, to sell its Betaland sports book and gaming business for a nominal sum, on a debt and cash free basis and for nil consideration. At the time, the company stated: "GVC has been evaluating the future of its Betaland brand and has concluded that the returns on the business no longer justify the risks involved with this operation. Betaland was historically the lowest margin business of the group and heavily dependent on agency relationships. “GVC New Limited is not owned by GVC, or any of its officers, shareholders or directors, but is an entirely independent company incorporated in Malta. Within 24 months of completion of the deal the transferee has agreed to change its name to a name which cannot be reasonably interpreted as being associated with the GVC Group,” it was added. As for the sale itself, it has been specified that the transferee has agreed to take-on the majority of the staff of the business, which actually saved GVC significant redundancy costs.