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British Gambling Giants To Merge In $5.3 Billion Deal

GVC To Acquire Ladbrokes In High-Stakes Bet

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Online gambling giant GVC has agreed to buy rival Ladbrokes Coral in a deal that could be worth as much as $5.35 billion USD.

Reuters reported that the price is contingent on a potential government crackdown on fixed-odds betting terminals. Officials could reduce the maximum bets allowed on the devices, the report said. The government has been concerned about gambling addiction.

GVC is the owner of PartyPoker, a Bwin subsidiary that is approved in the U.S. state of New Jersey for online gambling. GVC is also the technology firm behind a recently launched MGM-branded online gambling site in the Garden State. Ladbrokes, owner of about 3,500 brick-and-mortar betting shops, is Britain’s largest bookmaker. It merged with former rival Gala Coral Group last year in a deal worth more than $3 billion.

“The creation of one of the world’s largest listed sportsbetting companies, combining a portfolio of established brands, proven technology and leading market positions in multiple geographies, is a truly exciting prospect,” GVC said in a statement.

The U.K. gambling market is worth $18.2 billion, according to the latest government data.