Entain acquires Dutch online sports betting company BetCity

TAGS

Entain, a UK-based sports-betting and gaming group, has acquired Dutch online sports betting company BetEnt (trading as BetCity) from 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.

See also  Nazara Technologies to raise Rs 315cr via preferential allotment route

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

Jette Nygaard-Andersen — 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.

See also  Nazara Technologies wraps up Rs 186cr acquisition of OpenPlay Technologies

“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.”

Entain acquires Dutch online sports betting company BetCity

Entain acquires Dutch online sports betting company BetCity. Photo courtesy of top10-casinosites from Pixabay.

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

See also  Van Oord sells stake in Blauwwind consortium to Luxcara

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.


Discover more from Business-News-Today.com

Subscribe to get the latest posts sent to your email.

CATEGORIES
TAGS
Share This