London-listed Entain is considering a sale of its Crystalbet online betting and gaming business in Georgia.
The move follows a strategic review of the company’s portfolio of brands, verticals and markets, which commenced in January 2024 and has now concluded.
The review by the Board’s Capital Allocation Committee found that Entain has the appropriate portfolio of diversified assets, brands, capabilities and geographic footprint to ensure it is well positioned to deliver long term growth but concluded that the Crystalbet business is non-core to the Group.
As a result, Entain is considering strategic alternatives for the business, having already received interest from potential acquirers.
Entain (then known as GVC) acquired a 51 per cent stake in Crystalbet in March 2018 for €41.3 million, going on to acquire the remainder of the business in 2021 for an undisclosed amount.
“I am delighted that the Capital Allocation Committee has concluded its strategic review of our portfolio,” said Barry Gibson, chairman of Entain.
“Whilst we still have more work to do to improve our operational performance, the Board is pleased with the progress Entain is making so far in 2024 in line with our strategy. The Group has the core strengths, brands and products to be competitive across its markets and continues to be a global leader in betting and gaming.”
Shares in Entain plc. (LSE:ENT) were trading 0.76 per cent lower at 740.20 pence per share in London Tuesday morning.