This story was published more than 2 years ago.
Betting group GVC Holdings has announced that they've left the Turkish gaming market, likely headed by rumors that they're trying to merge with Ladbrokes Coral.
The company announced that they've gotten rid of their operations that are focused in Turkey, selling subsidiary Headlong Limited for €150 million to Ropso Malta Ltd. The move is significant, as Headlong accounted for 9% of GVC's revenues, and is likely being made to exit the unregulated market. The company will remove 25% of it's revenues from unregulated markets as a result, which is likely necessary for GVC to finally complete its acquisition of Ladbrokes, which it has been chasing for the past year.
In a corporate statement GVC claimed: "The decision to sell Headlong and associated businesses has been taken against a backdrop where, in an increasingly maturing and regulating online gaming world, the Board has concluded it is now appropriate for GVC to further increase its focus on regulated markets. In addition, the Board believes that the Disposal will increase the attractiveness of the Group to investors and potential consolidation partners."