Gambling quake

Novomatic sells betting provider to Tipico

The betting company Admiral Austria is to be sold off from the portfolio. The industry giant Novomatic has already found a buyer in Tipico. The sale is part of a strategic realignment of the business model.

Novomatic intends to focus on "international growth markets and further global expansion" in future, the company announced in a press release on Wednesday. The sale of Atlas Group GmbH, parent company of the Admiral Group in Austria, is subject to approval by the authorities. The purchase price was not disclosed.

"With Tipico, we have found a highly professional and reliable partner who will continue to run Admiral in Austria successfully and sustainably," Novomatic CEO Stefan Krenn is quoted as saying.

Tipico, on the other hand, wants to cement its supremacy in the German-speaking region. "We are delighted to have found a partner in the Admiral Group that shares the same values and we look forward to a successful future in the Austrian sports betting and gaming market," explained Tipico CEO Axel Hefer.

Tipico has more than 1000 betting outlets in Germany and Austria. Admiral Austria not only operates betting shops and sports bars in Austria, but also has gaming machines at 150 locations in Lower Austria, Burgenland, Upper Austria, Styria and Carinthia with state licenses.