Better Collective has acquired the assets of Canada Sports Betting for a purchase price of €21.4m ($23.5m).
Better Collective believes that this acquisition will allow for a more robust entry to the Canadian market. As a result, it has revised its financial targets.
The agreement comes just prior to the province of Ontario launching online sports betting on 4 April 2022 and, in addition to other provinces in Canada, Better Collective expects a generation of revenues in excess of €5m during 2022.
At some point, other provinces in Canada may follow suit and regulate online gambling.
CSB is a company that offers information and guidance to online bettors. The site also provides information about bonuses, odds and reviews for sportsbooks.
The purchase price of €21.4m was paid with €15.9m in an initial cash payment; €5.5m is offered as a deferred cash payment based on certain deliverables within three months. Better Collective has recently increased its credit lines with Nordea Bank by €100m, to finance further acquisitions including the CSB assets.
Jesper Søgaard, Better Collective CEO, said: “I am very happy to include Canada Sports Betting in the Better Collective product portfolio. We now have a solid foothold in Canada’s market which is growing in a promising direction.
“With these new websites and with support from our established North American business, I believe we can develop these assets to become flagship brands within sports betting in Canada.”
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