The owner of Ladbrokes and Coral has agreed to buy Bet.pt.
Portugal.- The UK-based gaming giant GVC Group is to re-enter the Portuguese market after sealing an agreement to buy online betting operator Bet.pt
The owner of the Ladbrokes and Coral brands had operated its Bwin sportsbook brand in Portugal but left the market in 2015 after the country’s amended Gambling Bill was approved, increasing turnover taxes.
Bet.pt gained a Portuguese sports betting licence in 2016 and a casino licence in 2017, making it one of the first operators to enter the country’s regulated online gaming market.
It remains strong in sports betting in what is a rapidly growing market. Online gaming revenue is expected to double to around €450m per year by 2023.
Figures from the regulator SRIJ showed Portugal saw record online gaming revenue of €138.9m during lockdown in H1, an increase of 44.2 per cent year-on-year.
GVC chief executive, Shay Segev, said: “This acquisition is consistent with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions.”
Portugal currently has 10 sports betting licensees and 13 online casino operators.