GVC Holdings has agreed a joint venture with Malta-licensed operator Betit Securities Limited as part of a strategic initiative to boost its presence in the Scandinavian online gaming market.
Under the terms of the joint venture agreement, the companies will establish a new business known as Betit Holdings Limited. GVC will pay an initial €3.5m for a 15 per cent stake in the joint venture and a place on Betit’s board, subject to the approval of Malta’s gambling regulator, the Lotteries & Gaming Authority (LGA).
The joint venture is designed to give GVC a strategic entry point into the “dynamic and expanding” Scandinavian iGaming market, where it admits to having no significant presence. The company is active in the market through its Sportingbet.dk and Scandic Bookmaker-branded sites.