As part of its shift towards regulated markets, online betting operator GVC Holdings has agreed to buy 51 percent of Georgian gambling group Crystalbet for €41 million (US$50.84 million) in cash.

The UK-listed company, which is currently in the midst of acquiring rival Ladbrokes Coral, announced on Monday that has signed a deal to acquire a majority of the equity capital of Crystalbet owner Mars LLC, with a commitment to buy the remaining 49 percent in 2021 for as much as €150 million.

The acquisition, which is not subject to regulatory approval, is expected to be completed by the end of March 2018.

Described as “one of the leading online gaming operators in the Republic of Georgia,” Crystalbet holds licenses to offer sports betting, casino games, poker, and peer-to-peer games in the Georgian market. According to GVC, since the Georgian-facing operator was launched in 2011, it has “achieved significant growth, driven by its entrepreneurial management team and a highly successful marketing strategy.”