Betclic Everest Group has announced plans to reduce its majority shareholding in Frankfurt-listed European online betting operator, bet-at-home by approximately ten percent.
Currently the owner of 67 percent of bet-at-home equity, the Malta-based online betting operator will look to place 350,000 of its share capital for sale, in a move Betclic governance said was in support of bet-at-home.com management’s strategy.
However, despite the planned sale of ten percent of its shares, Betclic confirmed its commitment to maintain its position as main shareholder for bet-at-home operations.
“With this measure, Betclic Everest Group supports the strategy of the management board of bet-at-home.com, which aims to increase the presence of the company in the capital market, its free float and the liquidity of the shares,” the operator said in a short corporate statement, adding: “There are no existing plans to sell further shares of bet-at-home.com.”
Bet-at-home has 3.8 million registered customers around the world, offering around 23,000 bets over 75 sports every day. The operator has companies in Austria, Germany, Malta and Gibraltar, and employs 260 members of staff.
Bet-at-home has posted two consecutive years of revenue growth and positive EBITDA earnings, following a successful corporate restructure that focused on operational and marketing cost initiatives.
The operator has projected continued growth in its latest corporate update, which details targeted performance for 2016 of E136m (£104m) in revenues, and EBITDA forecast of E30 million (£23m).