Sazka Group Take Controlling Share In Casinos Austria

Sazka Group the giant European lottery and sports betting group have now acquired a majority shareholding of Casinos Austria and finalising the sale of 17.19% from Novomatic.

It brings the company holding a 55.48% stake in the casino operator and marks the end of a three year partnership with Novomatic in controlling Casinos Austria.

The companies said that it felt that a shared partnership was not good for the business and it would do better under a single majority owner in Sazka who had the larger stake between Novomatic and itself.

The deal was announced at the end of December 2019 and has now been rubber stamped by Austrian state investment body, Österreichische Beteiligungs AG (ÖBAG) who also hold a 33.20% share in the casino operator.

There was pressure from Austrian political parties for OBAG to try and acquire the Novomatic stake ahead of Sazka to make the operator under Austrian control but OBAG decided against the move and allowed Sazka the option for the shares.

Although the financial details of the purchase has not been made public sources say that Sazka acquired the controlling stake from Novomatic for €100 million.

At present Casinos Austria are considering slashing up to 25% of its workforce in a programme called “ReFit” that is to be discussed at the AGM in July.

Sazka CEO Robert Chvatal said of the deal: “Together with our fellow shareholders, we are looking forward to increasing the value of Casinos Austria – a treasured national brand – for the benefit of customers, employees, and most importantly of all, Austrian society.”