Barney Eastwood has sold his Eastwood Bookmakers chain in Northern Ireland to Ladbrokes in a €135 million (£117.5 million) deal.
Ladbrokes has become the industry leader in Northern Ireland with the acquisition of region's largest bookmakers and now has 271 stores in Ireland.
Mr Eastwood established the first business behind a bottling store in Carrickfergus, Co Antrim, in 1954.
Mr Eastwood (75) said he had decided to sell his 54 shops to Ladbrokes after accepting it was time to move on. "It is the end of the bookmaking era. I am very sad that it is going, but I just think that it is the right thing to do," he said.
The former boxing promoter, who managed Barry McGuigan in the 1980s, said the money would be ploughed back into other arms of the company, which includes commercial property and supermarkets across the UK.
The €135 million purchase price includes goodwill payments and a leaseback of the freehold properties.
Ladbrokes is also taking over the Belfast-based telephone betting service run by Eastwood.