Société des Bains de Mer et du Cercle des Étrangers will sell its 47 percent stake in the online gambling platform Betclic Everest to FL Entertainment. Monaco’s casino operator will raise 850 million euros from the sale.

French media and entertainment mogul Stéphane Courbit plans to merge Betclic with his entertainment business Banijay, to make a European entertainment network, FL Entertainment, according to reports.

SBM will make a handsome profit, having bought its stake in Betclic Everest for 140 million euros in 2019.

The sale raises very handy money for SBM, which has been raising funds on financial markets to pay salaries as it continues to slim down its workforce in the wake of the coronavirus pandemic, an expensive operation in itself due to redundancy terms.

FILE PHOTO: Jean-Luc Biamonti, CEO of SBM