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Wednesday, July 17, 2024
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Entain Deal for Sports Betting Operator Could Hit $885M

  • Entain will pay $312 million up front for BetCity.
  • The acquisition is scheduled to close in H2 2022.
Entain Group

Entain has agreed to purchase Amsterdam-based online sports betting operator BetEnt BV in a deal that could reach a total value of $885 million. 

The gambling and sports betting company will acquire BetEnt — which trades under BetCity — from Sports Media Entertainment BV. 

  • Entain will pay $312 million up front for BetCity.
  • The remaining balance is expected to be paid in early 2023.
  • A further contingent payment is due in 2024.
  • The acquisition is scheduled to close in H2 2022. 

The purchase of BetCity allows Entain — which has an enterprise value of $12 billion — to tap into an emerging online sports betting market in the Netherlands. The country legalized sports betting in October 2021, with BetCity receiving approval for a gaming license the same month. 

Online gambling market revenue in the Netherlands is expected to reach $52 billion by 2026. 

Entain’s acquisition comes after it offered more than $1 billion for Olympic Entertainment Company. The Estonian entity allows NBA gambling at over 100 casinos and betting halls, as well as online via its platform, OlyBet. 

Formerly known as GVC Holdings, Entain owns major betting brands like BetMGM, PartyPoker, Sportingbet, BetMGM, and Ladbrokes Coral. 

Missed Target

In September 2021, DraftKings made a $22.4 billion cash-and-stock bid to acquire Entain. A month later, the potential merger and offer was pulled by DraftKings. The failed transaction was complicated by Entain’s joint ownership of BetMGM with MGM Resorts.

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