Industry news sources have reported that Betfred and GVC Holdings (GVC) have terminated their planned platform partnership, just months before Betfred was due to begin its platform migration to GVC systems.
EGR Magazine reports that the both Betfred and GVC governance have agreed by ‘mutual consent’ to terminate the partnership, first agreed in May 2016.
Entering the partnership, Betfred had agreed for GVC to provide its online sports betting and igaming platform on a 10-year exclusive basis replacing its current provider GTECH (IGT Group).
It has been reported that Betfred and GVC will end the partnership ‘amicably’ with the companies not seeking to trigger any penalty clauses.
Both operators confirmed the decision to terminate the partnership via a joint statement, however the operators would not detail further specifics regarding the cancellation of provisions.
Having won a competitive tender, the Betfred platform partnership was labelled as a ‘transformational B2B agreement’ by GVC governance last year, as the newly FTSE-listed enterprise moved to create new business channels.
At present, it remains unknown whether Betfred governance will seek a new online platform provider.
