Entain Group Buys BetCity In Holland
Entain, the largest sports betting and gaming group worldwide, has continued to expand by agreeing on a deal to purchase Netherlands-based sports betting brand BetCity, in a deal that could be worth up to €850 million in time. It’s always been Entain’s MO to swallow up brands in different regions, and this latest acquisition sees them expand into the Netherlands.
What Entain have put on the table initially is a deal worth around €300 million, but there is a deferred consideration in place of up to €550 million that comes into play via contingents. However, current expectations suggest the total amount expected to be paid will be more in the region of €450 million, and Entain are expected to wrap up proceedings and close the deal before the year is out. So, BetCity becoming a part of Entain is scheduled to happen before the end of 2022.
At present, it’s thought that current BetCity chief executive Melvin Bostelaar will stay in the role following the completion of the takeover, and so will other members of the company’s management team. It’s believed this will aid the transition of ownership but prevent BetCity from falling off track as they continue to be successful in the Netherlands. PartyCasino, one of Entain’s most successful brands, is renowned for their online slots portal. This online casino brand provides a true insight into what BetCity and its management team can expect to see their service achieve in years to come.
BetCity, which operates out of the Netherlands, is one of the biggest and most successful sports betting services around in the country right now. And this has been the case since the company was granted a license to operate by Dutch gambling authorities last October. Entain will use BetCity’s status to their advantage in the sports betting and gaming markets in the Netherlands. At the same time, the brand will delve into Entain’s global platform and products to enhance its current offering.
Speaking after the deal to acquire BetCity was confirmed, Entain chief executive Jette Nygaard-Andersen said, “We are delighted that BetCity is joining Entain and are excited by the significant opportunities in the newly regulated Dutch market.
“This acquisition will provide customers with an even better experience as we combine BetCity’s local expertise and brand alongside Entain’s market-leading, customer-focused platform. This transaction further underpins our growth strategy of operating in attractive regulated markets. We look forward to working with Melvin and the BetCity team.”
BetCity chief executive Bostelaar who will continue to lead operations was equally as pleased with the arrangement and said, “Together, we will be well-placed to maintain a strong market position in the Dutch market for the coming years. Entain’s market-leading platform, technology, established brands, and global scale provides a fantastic opportunity to expand and enrich our customer offering.
“Both BetCity and Entain position the customer at the heart of everything we do, with Entain’s core values and philosophy in responsible gaming, compliance and company culture seamlessly aligning with those of BetCity. We look forward to a bright future together.”