British online casino and sportsbetting behemoth Entain has announced the signing of a deal that is to see it spend as much as €850 million ($888 million) so as to acquire the BetEnt BV arm of Dutch counterpart Sports Entertainment Media BV.
The London-listed company used an official Monday press release to detail that this arrangement involving an initial €300 million ($313.3 million) payment is set to be completed during the second half of the year and contains a deferred contingent consideration that could top out at up to €550 million ($574.7 million).
Increased investment:
Previously known as GVC Holdings until undergoing a December of 2020 name-change, Entain is responsible for a slew of online casino and sportsbetting domains including Ladbrokes.com, Bwin.com, Coral.co.uk and Sportingbet.com. The Isle of Man-based firm established in 2004 furthermore recently inked separate agreements to purchase Eastern European operator Olympic Entertainment Group as well as smaller Canadian enterprise Deis Limited.
Dutch debut:
Jette Nygaard-Andersen (pictured) serves as the Chief
For his part and Bostelaar described Entain as ‘a world-class group’ that will now be able to help the BetCity.nl domain ‘to maintain a strong market position in the Dutch market for the coming years’. The boss additionally asserted that the giant is to provide his enterprise with ‘a fantastic opportunity to expand and enrich our customer offering’ via the utilization of its ‘market-leading platform, technology, established brands and global scale.’
A statement from Bostelaar read…
“Both BetCity.nl and Entain position the customer at the heart of everything they do with Entain’s core values and philosophy in responsible gaming, compliance and company-culture seamlessly aligning with those of BetCity.nl. We look forward to a bright future together.”