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Coral Eurobet takes over 49 betting shops owned by Bet365

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Bet365 Chief Executive, John Coates, whose father Peter started the business in 1974 with three shops, explained that the deal, which industry insiders reckon to be worth over £40m, had been undertaken in order to strengthen the company\’s new core business as a telephone and internet operator.

“The shops gave us a start in bookmaking, so there\’s an inevitable sadness about giving that up, but we had to face the fact that remote betting and gaming has become our core business, with over 90 per cent of our expected £700m turnover this year coming from that area,” said Coates.

“When Coral approached us with a good offer, we felt it was the right decision to accept, because it will provide us with the capital for future expansion,” he added.

“The Bet365 shops fit our strategy, which has been to grow steadily by acquiring the right shops at the right time, and that\’s how we will continue to operate,” said Coral Eurobet Chief Executive, Vaughn Ashdown.

Ashdown revealed he had been tracking Bet365 for “a couple of years” impressed by the quality of the shops and their staff.