Entain, a UK-based sports-betting and gaming group, has acquired Dutch online sports betting company BetEnt (trading as BetCity) from Sports Entertainment Media in a deal worth up to €850 million (£753 million).

The transaction value includes an initial consideration of €300m (about £257 million) and deferred contingent consideration of up to €550m (around £472 million).

According to Entain, the acquisition complements its strategy to create a major market operator with significant growth opportunities.

BetCity is a licensed operator in the newly regulated online sports betting and gaming market.

In October 2021, the Amsterdam-headquartered BetCity received an online sports betting and gaming licence from the KSA (Kansspelautoriteit), the Dutch Gaming and Gambling Authority.

Jette Nygaard-Andersen — Entain CEO said: “We are pleased to have completed the acquisition of BetCity.

“The combination of BetCity’s local expertise and strong brand, alongside Entain’s global scale and market-leading platform provides customers with an enriched and broader offering of engaging products, fresh content and new experiences.

“This transaction further underpins our growth strategy of operating in, and expanding further into, attractive regulated markets.

“We look forward to working with Melvin and the BetCity team as we execute on the significant opportunities in the Dutch market.”

BetCity’s CEO Melvin Bostelaar and other team members will remain with the company.

Entain has funded the initial consideration from the proceeds of the group’s re-financing and existing cash resources.

In June 2022, Entain entered into an agreement to acquire BetCity.

Last year, Entain acquired Avid Gaming in a $300 million deal.

  Amsterdam, BetCity, BetEnt, Entain, Jette Nygaard-Andersen, Melvin Bostelaar, Sports Entertainment Media, The Netherlands