Michael Tabor has acquired ownership of Gibraltar-based online bookmaker BetVictor for an undisclosed sum.
As part of the deal, Victor Chandler steps down from his role of Chairman, while Michael Carlton relinquishes his role of CEO. Both men will remain at the company as consultants during the transition process.
Chandler, who the company is named after, said of the sale: “Having owned and led this business for more than 40 years, I looked towards the future and decided that the company would best be served under new ownership and leadership. I have known Mr Tabor for many years and I am confident that the company will continue to thrive under his ownership.”
Tabor is a prominent figure in horse racing circles and, according to the recent Sunday Times rich list, is the 170th richest man in the United Kingdom with an estimated fortune of £600 million. Tabor made his money first from gambling on the currency markets, then sports betting and investing in race horses.
After receiving principle regulatory approval from the Gibraltar Gambling Licensing Authority, Tabor said: I believe the BetVictor brand has enormous potential and is well placed to continue its expansion with further investment and strategic development.”
Tabor already held a 45% stake in Victor Chandler International Limited – the legal name of BetVictor – and was one of the funding shareholders. The company claims to have turnover in excess of £1 billion and over half a million customers in more than 160 countries, although the company has always been privately owned so these claims have never been verified.