Entain to Purchase BetCity

This story was published more than 1 year ago.

Gaming operator Entain has announced that they've come to terms to purchase fellow operator BetEnt, the parent company of BetCity from Sports Entertainment Media for up to €850 million.

The agreement will see Entain paying €300 million in cash when the deal is completed, with an additional set of payments worth up to €550 million depending on performances. The second payment will be based on 10 times the EBITDA that BetCity puts out for the fiscal year 2023. A third payment of up to €50 million will be paid once the group integrates itself into Entain's platform.

The deal will see BetCity management remaining in place, and will help the company operate in the Netherlands, where it is expected to receive its online license later this year.

Regarding the deal, Entain CEO Jette Nygaard-Andersen said, "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. This transaction further underpins our growth strategy of operating in attractive regulated markets. We look forward to working with Melvin and the BetCity team."

BetCity CEO Melvin Bostelaar also commented, adding: "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.

Should all regulatory thresholds be met, its expected that this deal will complete later this year.

"Entain's market leading platform, technology, established brands and global scale provides a fantastic opportunity to expand and enrich our customer offering.

"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."

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.