MTG to Sell Off Bet24

STOCKHOLM: Modern Times Group (MTG) is selling its Bet24 online betting operation to Unibet for 13.5 million euros ($17.7 million).

MTG’s Nordic Betting subsidiary signed an agreement with the Unibet Group, though the transaction is subject to regulatory approval. It is expected to be complete by the end of Q2. Unibet plans to integrate Bet24 into its existing operations, rebranding the Bet24 products and services and migrating Bet24’s customers to its own platform. Unibet plans to relocate around 45 Nordic Betting employees to its operations in Malta.

Hans-Holger Albrecht, the president and CEO of MTG, commented: “The sale of Bet24 is in line with our focus on our core broadcasting operations. We have developed and expanded our online betting and gaming businesses over the past seven years as the industry has become more and more competitive. Unibet is one of the largest and most established players in the European market and therefore provides an attractive platform for Bet24 customers and for the further development of the business.”