Italian retail gambling giant formed

Italy has a new retail gambling giant following agreement by Gruppo Gamenet to acquire a 100 percent of the share capital in betting operator GoldBet in a deal worth Euro 265 million.

In a statement Tuesday to the market Gamenet said the agreement involves the acquisition of Goldbet’s 990 Italian betting points, and the firm’s related digital properties.

At present, Goldbet is considered Italy’s biggest retail-point betting operator, with the company declaring a full-year 2017 EBITDA of Euro 40 million, combined with corporate net earnings of circa Euro 23 million.

Guglielmo Angelozzi, CEO of Gruppo Gamenet said the combined Gamenet and Goldbet portfolio would service approximately 1,700 betting points, creating Italy’s largest retail betting network.

Paola Bausano CEO of GoldBet Group has recommended the transaction to investors, stating that the deal would allow GoldBet to affirm its position as Italy’s leading retail bookmarker and help better navigate the changing dynamics of the nation’s gambling landscape.

“This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth,” he said.

The combined entity will also control 7 percent of Italy’s online betting market and a one-third share of the lucrative virtual betting sector.