The betting company Admiral Austria is sold from the portfolio. Industry giant Novomatic has already found a buyer in Tipico. The sale is part of a strategic realignment of the business model.
In the future, Novomatic wants to focus on “international growth markets and further global expansion”, the company announced in a press release on Wednesday. Authorities have yet to approve the sale of Atlas Group GmbH, parent company of the Admiral Group in Austria. The purchase price was not mentioned.
“With Tipico we have found a very professional and reliable partner who will continue to run Admiral in Austria successfully and sustainably,” says Novomatic Managing Director Stefan Krenn.
Tipico, on the other hand, wants to strengthen its supremacy in the German-speaking countries. “We are pleased to have found a partner in the Admiral Group who shares the same values and we look forward to a successful future in the Austrian sports betting and gaming market,” explains Axel Hefer, CEO of Tipico.
Tipico has more than 1,000 betting points in Germany and Austria. Admiral Austria not only operates betting shops and sports bars in the Republic, but also has gaming machines at 150 locations in Lower Austria, Burgenland, Upper Austria, Styria and Carinthia with state concessions.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
