Better Collective, a developer of educational platforms within the iGaming industry, is acquiring the Action Network for $240 million. The deal was announced on Monday.
By acquiring Action, Denmark-based Better Collective gains presence and leadership within a U.S. sports betting market that is forecasted to generate $4 billion in revenue — and significantly more in wagers — in 2022.
Better Collective will acquire 100% of the shares in Action on a cash and debt-free basis. Action will continue to operate as a separate business with its current organizational structure.
“Under Better Collective’s ownership, we become part of a company with many years of experience and all the resources necessary to further grow our position and develop our offering,” said Action CEO Patrick Keane.
Since its launch in 2018, Action has emerged as the leading U.S. sports betting media platform. The company is expected to generate approximately $40 million in revenue in 2021, an increase of more than 100% year-over-year.
Better Collective’s acquisition is one of several recent high-profile transactions by major players in the sports betting industry:
- On May 3, Genius Sports agreed to acquire F2P sports gaming platform FanHub.
- DraftKings purchased rights to former ESPN host Dan Le Batard’s podcast for $50 million last week.
- Bally’s finalized a plan to acquire U.K. gambling platform Gamesys for $2.7 billion.
Better Collective expects to surpass $100 million in revenue in the U.S. by 2022 thanks to Action, its largest acquisition to date.