Playtech sells entire stake in sports betting, gaming group GVC Holdings

Jun 7, 2018 9:54 AM

Major online gaming and financial trading systems provider Playtech has announced that it has sold its entire stake in multinational sports betting and gaming group GVC Holdings.

Playtech’s stake, representing approximately 3.4 percent of GVC’s issued share capital, was received by Playtech as a result of its holding in Ladbrokes Coral Group which had merged late last year with GVC to form one of the world’s largest online betting companies. 

The sale netted about £198 million ($266 million US), according financial media reports. 

The proceeds from the GVC share sale will be used for general corporate purposes.