Recently, the Entain Group, focused on the gaming entertainment business, revealed its proposal to buy the Betcity bookmaker. According to the information disclosed by the Entain Group, the company proposed a consideration of €300 million, and a deferred one that could reach up to €550 million.
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Therefore, the Entain Group has confirmed that there is an interest in fully acquiring the initial capital of BetEnt VB, which operates under the name Betcity.nl from Sports Entertainment Media BV. Entain has revealed that the deal is expected to be made for an initial €300 million, an amount that must be paid at the closing of the deal based on the bookmaker's finances in 2022.
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Despite this, there is still another amount that will be paid in the year 2024, based on the actual performance of Betcity in 2023. Finally, there will be a payment of €50 million to complete the migration from Betcity to Entain's portfolio. In addition, it is important to mention that Betcity's CEO and leadership staff will remain with the company and will be under the Entain umbrella.
In light of this, Entain CEO Jette Nygaard-Andersen said that the migration from Betcity to Entain will open up new opportunities in the Dutch gambling market. Therefore, through this both entities will be able to provide new experiences for the betting company's customers.
“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.”
Following, Jette Nygaard-Andersen said that the move to propose the purchase of Betcity is a new growth strategy for Entain to be present in regulated markets. Nygaard-Andersen noted the following: “This transaction further underpins our growth strategy of operating in attractive regulated markets. We look forward to working with Melvin and the BetCity team.”
Given this, the negotiation between the Entain Group and Betcity should be concluded in the second half of 2022. Therefore, Betcity CEO Melvin Bostelaar commented on the joining of forces between the betting companies.
“We are happy to be joining forces with a world-class group in Entain. 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.”
In closing, Bostelaar added: “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.”
Entain
Entain Group is a company that works in the sports betting sector and other markets. The sports betting company owns several renowned brands in the market, such as Bwin, Coral, PartyPoker, LadBrokers and Sportingbet. Founded in 2004, the Entain group is also listed on the London Stock Exchange.
Operating in different parts of the world, such as Germany, Italy, Spain, France, Belgium and Portugal, Entain, the company that owns the Bwin brand, is present in several football clubs. For example, Bwin can be seen on the uniforms of clubs such as: Valencia CF, Villarreal CF, Sevilla FC and Atlético de Madrid.
