Under the agreement, which remains subject to regulatory approval, CVC will use its own technology and omni-channel approach to help drive growth and expansion at Gaming1.
Gaming1 said that it was seeking to partner with a shareholder “capable of bringing global, sector and digital expertise”. CVC has experience in the sector through investments in German sports betting operator Tipico, Italian brand Sisal, which CVC agreed to sell to Flutter Entertainment last month, and the Britain-facing Sky Bet.
Based in Belgium, Gaming1 also has a presence in nine other countries including Portugal and France, as well as in the US via its Gamewise joint venture with Delaware North.
Emmanuel Mewissen, Sylvain Boniver and Nicolas Léonard, the historical shareholders of Gaming1, will remain as the reference shareholders in Gaming1 after the deal comes into effect.
“In a rapidly changing world, the key to success is adapting,” Ardent Group founder and chief executive Emmanuel Mewissen said. “By partnering with CVC, we will benefit from their global, sector and technology expertise, which will support our company to continue on our successful growth path and further build our digital capabilities.
“We will stay loyal to our values and Belgian roots, as shown by our recent move to our digital hub in the heart of Liège. This desire to anchor ourselves in and to contribute to our country’s growth is an integral part of our identity and will continue to guide us daily.”