BetVictor Ltd. has sold its 18 racecourse betting points in the UK to bookmaker Star Sports in order to focus on its online business.
Under the deal, the terms of which were not disclosed, Star Sports will acquire facilities at 11 racecourses in the UK including Cheltenham, Newmarket, Ascot, Goodwood, and Sandown Park.
Star Sports operates a number of betting facilities such as Lord’s Cricket Ground and The Oval sports ground in London. The acquisition will take effect immediately and Star Sports is expected to be seen at Royal Ascot starting next week.
“It’s a real honour to be taking over these prime pitches from a firm with such a strong heritage in the bookmaking industry and we are equally thrilled that they have chosen Star Sports as the ideal buyer,” Star Sport’s owner Ben Keith said. “This acquisition marks a new chapter in the exciting Star Sports story and, from a personal point of view, I am completing a lifetime ambition to bet on some of the best pitches in the country, including Royal Ascot and Cheltenham.”
BetVictor CEO Andreas Meinrad noted that the company is pleased with the agreement with Star Sports, as both companies share “the same passion and commitment” to horseracing.
“We feel the time is right to sell our pitches as we concentrate on the online/digital side of our business and have set ourselves challenging targets for the next three years,” Meinrad added.
Meinrad also said that horseracing will remain as fundamental part of the gambling company’s operations but an on-course presence is no longer such an important factor.
Meinrad joined BetVictor in February and announced last week that he had hired recruitment specialists Odgers Berndtson to find the best possible people for the roles of CFO, CCO, as well as six other executive posts.
BetVictor’s owner Michael Tabor also supported Meinrad on his proposed strategy for the operator to focus its attention on its football betting business.