Entain plc (LSE: ENT), the FTSE-listed owner of household bingo and casino brands in the UK, announced on Thursday the completion of the acquisition of BetCity.nl.
The BetCity brand is one of the largest sports betting brands in the Netherlands, a country that legalized gambling last year. BetCity gained a Dutch licence in October 2021 and is understood to command an approximate 20% market share of the Dutch market.
In total, Entain plc (LSE: ENT), which owns the foxy bingo and gala bingo brands, is expected to pay €450m (approximately £399m). However, dependent on the performance of BetCity, the maximum consideration is capped at €850m (approximately £753m).
The addition of BetCity will strengthen Entain's position in the burgeoning Dutch gambling market. According to a September report by the KSA, the value of the Dutch legal online market measured by gross playing result from January 2022 to July 2022 accounted for €569.7 million. Entain also owns leading UK gambling brands Ladbrokes, PartyPoker and Coral amongst others
Jette Nygaard-Andersen, CEO of Entain, said of the acquisition:
“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.
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.”
Ben has been an massive bingo enthusiast and fan since playing at the seaside as a kid. Dedicated to bringing you the latest and best bingo news from the UK