SBC News Malta LGA grants gaming approval to Betit

Malta LGA grants gaming approval to Betit

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UK listed igaming operator GVC Holdings have confirmed the gaming operations approval of Betit Holdings by the Malta’s Lotteries and Gaming Authority (LGA).  Betit Holdings is a GVC Holdings and Betit Securities joint igaming venture, set to target the Scandinavian igaming market.

The partnership between the two parties was announced last April, at GVC Holdings quarterly financial address.  The new business is set to operate as Betit Holdings, GVC paying an initial €3.5m for a 15 per cent stake in the JV and a place on Betit’s board. Following the approval, GVC has now made its upfront commitment of €3.5m to Betit.

In a statement this morning, GVC confirmed that its JV had now been granted approval by Malta’s gambling regulator, the Lotteries and Gaming Authority. Included in the deal is a call option for GVC to acquire the balance of outstanding shares for a minimum price of €70m. The call option can be exercised no earlier than July 1st 2017, and no later than September 30th of that year.

The actual price of the remaining shares will be determined by the split of revenues between regulated and unregulated markets, with certain multiples attached.

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