Today, gambling operator GVC Holdings officially announced that it reached an agreement to buy the UK bookmaker Ladbrokes Coral Group for a prize amounting to up to £4 billion.GVC-Ladbrokes Merger Could Spark Further Consolidation The takeover deal reached between GVC Holdings and Ladbrokes Coral could be the spark that would light the fire towards further consolidation in the UK gambling sector.
33 billion on the table, GVC has given Ladbrokes Coral and its own shareholders something to think about after publishing its 2017 earnings report.In Q4 2017, GVC saw 24 percent growth across its betting platforms, and 22 percent growth for net gaming revenue overall.
One of GVC Holdings’ online sports betting brands has received an unexpectedly high tax bill, following an audit by Greece’s taxman.77-million tax bill was addressed to Sportingbet, which GVC acquired back in 2013.
The UK Competition and Markets Authority is set to review the proposed acquisition of major gambling operator Ladbrokes Coral by GVC Holdings.It was announced later that month that Ladbrokes Coral has agreed to a takeover by its online gambling counterpart.
The proposed takeover of British bookmaker Ladbrokes Coral by Isle of Man-headquartered GVC Holdings could result in more than 1,600 employees of the combined entity losing their jobs, the two companies revealed in a new round of details about the deal.As for Ladbrokes Coral, which was formed back in 2016 through a merger between Ladbrokes and Coral, is employer to over 25,000 people.
A subsidiary of the Isle of Man-based company was imposed a £350,000 fine for repeated breaches of UK advertising codes.ElectraWorks Limited, which is licensed by the Gambling Commission to provide gambling services through multiple brands including bwin, was also issued a warning for its failure to ensure that a marketing management officer had a personal management license (PML).