GVC Acquires Portugal’s Flagship Betting Operator, Bet.pt
Global gaming and betting firm GVC has announced the acquisition of Bet.pt, a Portuguese iGaming and sports betting brand, for an undisclosed amount.
GVC Makes an Entry into Portugal with Bet.pt Acquisition
The world’s largest sports betting gaming group GVC Group has acquired one of the leading Portuguese sports betting domains, Bet.pt. The sportsbook was established in 2016 after successfully obtaining a license to offer sports betting products and striking a partnership with SBTech. In 2017, the company expanded its footprint by acquiring a casino permit.
GVC’s key interest in the brand remains with the sportsbook operations amid an upsurge in sports betting activity in the Iberian Peninsula. That includes Spain, which has posted strong results for years now.
Commenting on the acquisition, GVC pointed out that by leveraging the firm’s technology and extensive gaming content, combined with marketing and CRM capabilities, and the growth of sports in particular, Portugal represented an opportunity for growth and profitability.
GVC chief executive Shay Segev explained that the acquisition is consistent with the brand’s long-term goal to break into new regulated or regulating markets and satisfy international growth ambitions.
Strong Growth in Q3 and International Growth Ambitions
Segev’s comments are backed by hard facts. Portugal saw a 15.9% growth revenue year-over-year (YOY) in sports betting revenue. That is despite most athletic competitions being on a hiatus due to the novel coronavirus lockdown. Presently, Portugal allows 10 sports licenses and 13 permits for casino gaming.
GVC has been actively forging ahead in other markets as well. In the company’s Q3 financial report, the group improved its net revenue forecast for Roar Digital US JV to $160 million, up by $30 million.
BetMGM, Roar’s flagship brand, gained a 22% market share in New Jersey in August. Roar Digital now has 17% of the national market in the United States. Emboldened by its success, Roar Digital has signed a landmark ad campaign with Jamie Foxx, an ambassador to the brand.
Segev added that the company saw exponential growth in the first half-year. He said BetMGM had multiple activations and launches in the United States market. Segev cited the launch of online sports betting solutions in Indiana, Colorado, and West Virginia.
In the meantime, BetMGM is on a growth trajectory in 2020. In September, the company became the official sports betting sponsor for the Las Vegas Raiders and the Detroit Lions. Both are NFL franchises.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
