“The Gentleman Bookmaker” Cedes Ownership of BetVictor to Michael Tabor
Victor Chandler, the independent bookmaker who earned the title “The Gentleman Bookmaker” because of his straightforward betting deals that always aimed to satisfy customers, has ceded ownership of BetVictor to fellow founder Michael Tabor, who is more famous for being the owner of prized thoroughbred racehorses.
Chandler, who inherited the business from his father Victor Chandler Sr., explained that after having owned and led the bookmaking company for over 40 years, a view of the future brought him to the decision that a new ownership and leadership would be best for the company. There was no disclosure of how much the online casino and sports betting business was acquired by Michael Tabor, but the racehorse owner “believes the BetVictor brand has enormous potential and is well placed to continue its expansion with further investment and strategic development.”
The acquisition transaction has already received regulatory approval in principle from the Gibraltar Gambling Licensing Authority. Victor Chandler sought licensure from the Gibraltar Government in 1999, as a way to provide sports betting services to his customers sans the burden of the betting tax imposed by the UK government on punters during that time. Since then, Victor Chandler’s BetVictor has been operating as an offshore-licensed remote betting facility in the UK.
Today, however, and under the new gambling laws, Victor Chandler’s bookmaking and online casino business faces a future that requires obtaining a UK licence and the payment of Point of Consumption Taxes. A condition which the BetVictor Company has to comply with, if Mr. Chandler wants the BetVictor brand to continue operations in his native country and in the near future.
The former BetVictor owner will be stepping down as Board Chairman but will still maintain working relationship with the company by serving as a consultant. Incumbent Chief Executive Officer Michael Carlton, will also be leaving his post but will stay on as consultant during the transition period. Michael Tabor, a founding major shareholder who used to own 45 percent of BetVictor, is now the full-owner. Victor Chandler is confident that the online betting firm will be able to thrive under Mr. Tabor’s leadership.
Michael Tabor is a London native but of Russian-Jewish heritage who became fascinated with gambling and greyhound racing while still in his teens. His first venture into the gambling business was in 1968, when he acquired two failed betting shops by borrowing £30,000 from a financier. He retained the business name Arthur Prince and succeeded in expanding the bookmaking business into a chain of 114 retail betting outlets. In 1995, Tabor sold the chain of betting shops to the Coral Group for £27 million, so he could devote more time to his other interests, which is that of owning thoroughbred racehorses and of joining the horse racing industry.
In 1973, Michael Tabor bought his first racehorse “Tornado Prince” for £2,850, which marked the beginning of another successful venture, this time, as a racehorse owner. After buying several more horses, as well as entering into partnerships with other expert horsemen, Tabor became well-known in the horse racing industry as the owner and co-owner of the world’s best racehorses. His horses’ Derby victories gained him the reputation for being one of only four people, to have entered a winner in both the Epsom and Kentucky Derbies. Today, Michael Tabor is consistently listed in the Sunday Times Rich List as one of Britain’s wealthiest people.
