GALA is to withdraw from the bidding for the national lottery after completing its £2.2 billion acquisition of bookmaker Coral Eurobet, writes Dominic O’Connell.

Neil Goulden, the chief executive of Gala who will lead the merged company, said it was “almost certain” that Gala would not now bid.

“It would be a very big demand on management time, and there is enough to do at the moment with the integration of the two businesses,” he said.

Goulden also said the new company, which will be Europe’s largest betting and gaming group, was not interested in joining the race to set up Britain’s first Las Vegas-style super casino. “That is not really our market,” he said.

The merged company will employ 17,000 people and have 1,450 outlets, including Gala bingo clubs and casinos and Coral betting shops. The firm has an enterprise value — its equity plus its debt — of more than £4 billion.

Analysts expect its venture-capital owners — Cinven, CVC and Permira — to float the business within two years.

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