BetVictor acquired by Michael Tabor in restructure
Victor Chandler and CEO Michael Carlton to step down as part of a company restructure
British gambling and horseracing millionaire Michael Tabor has acquired BetVictor in its entirity for an undisclosed sum with founder and current chairman Victor Chandler stepping down as part of the changes.
In a complete restructure of BetVictor, CEO Michael Carlton has stepped down with immediate effect, and alongside Chandler will work with the company as a consultant.
The changes have received in principle regulatory approval from the Gibraltar Gambling Licensing Authority under whose licence BetVictor operates.
“Having owned and led this business for more than 40 years, I looked towards the future and I decided that the company would be best served under new ownership and leadership,” Chandler said in a statement.
“I have known Mr Tabor for many years and I am confident that the company will continue to thrive under his ownership.”
Tabor, who already owned a 45% stake in BetVictor, is well known for his investments and involvement in the horse racing industry having acquired and developed the Arthur Prince brand of betting shops before selling it to Coral for a reported fee of £27m in 1995.
He regularly appears on the Sunday Times Rich List and this year’s list, released a fortnight ago, estimated his wealth to be around £600m.
Tabor retains close links with the Coolmore set of John Magnier, J.P. McManus, Dermot Desmond and Derrick Smith “ who themselves have been linked with an approach for Ladbrokes in recent months “ after joining the Coolmore horse racing partnership.
Tabor has various other business interests with the Coolmore set, co-owning the Sandy Lane hotel in Barbados, pub chain Mitchells & Butlers and Global Radio, owners of Capital Radio and Classic FM.
“I believe the BetVictor brand has enormous potential and is well placed to continue its expansion with further investment and strategic development,” said Tabor.
The bookie was founded in 1946 by Chandler’s father William and has undergone several rebranding changes in recent years. In 2004 it was renamed VC Bet before reverting to Victor Chandler, and finally changing to BetVictor in 2012.
BetVictor’s finances are kept extremely private, however the operator has a strong brand in Asia and Germany as is considered to be making ground in the UK sportsbook and casino markets.
It has stepped up its marketing efforts during the past two years and this year announced plans to launch its first bingo product, as well as an in-house live casino studio within its Gibraltar headquarters.
In March eGaming Review reported that BetVictor was providing UK newspaper The Sun with a white-label sportsbook solution which is expected to launch in time for the football World Cup.