London-listed gaming operator GVC Holdings has agreed a deal to sell its stake in Spanish retail betting operator Sportium for €70m.

GVC will sell its 50 per cent stake to joint venture partner Cirsa for €70m in cash plus repayment of loans and distribution of excess cash, with the transaction subject to regulatory approval.

The Sportium joint venture with Cirsa was established by Ladbrokes in January 2007 after Spain’s autonomous regions began to regulate and license dedicated betting shops for the first time. It transferred to GVC’s ownership with the 2018 acquisition of Ladbrokes Coral.

Sportium contributed proforma operating profit of £2.5m to GVC in 2018 through its online and retail operations, and will become a B2B customer of GVC following the transaction.

“GVC is one of the leading online gaming operators in Spain with bwin and the disposal of our interest in Sportium enables us to simplify our business in this market,” said GVC chief executive Kenneth Alexander.

“We have enjoyed a good working relationship with Cirsa and are pleased to be able to support them through a new B2B partnership.”

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