MTG to sell Bet24

Modern Times Group is to sell its European betting division Bet24 as it looks to focus on its core broadcasting operations.

The pan European broadcaster has sold Bet24, which is part of its Nordic Betting subsidiary, to Unibet Group for €13.5 million. The transaction is currently subject to regulatory approval and is expected to be completed by the second quarter of 2012.

Hans-Holger Albrecht, president and CEO of MTG, said: “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.”

Tags: MTG, Sweden