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Canada IGaming Giant Buys BetCity Site In $1.1 Billion Deal

Canada IGaming Giant Buys BetCity Site In $1.1 Billion Deal

2022/06/20

The firm behind Canadian sports betting brand Sports Interaction has agreed to acquire Dutch betting site BetCity.nl aka BetCity, for a potential CA$1.142bn (£727.49m). Entain owns several online casino brands like Canada-based Avid Gaming, plus bwin, Coral, Ladbrokes, PartyPoker and Sportingbet. This latest move just adds to the company's relevance in the sports betting industry and emphasises its ambition to keep growing. 

Entain has recently applied for a licence to operate in Ontario, so their recent acquisition of Avid Gaming and now BetCity is a major signal of intent.

Entain CEO Jette Nygaard-Andersen, said: Sports Interaction is the leading Canadian sports betting and gaming brand and is aligned perfectly with our own ambitions of great customer service and ambitious growth, coupled with an unwavering commitment to sustainability.

The new deal for Amsterdam-based BetCity, which started at CA$404m (£257m) but could cost CA$1.142bn (£727.49m) based on BetCity's success in 2022 and 2023, is another sign the UK-based business wants to take advantage of new markets. Entain is already active in more than 20 countries from five continents around the world.

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In February, Entain bought Avid Gaming and got Sports Interaction, a major Canadian online sports betting brand, as part of the deal. To compare the moves, the purchase of Avid Gaming and Sports Interaction cost Entain CA$300m (£174m), with the two deals potentially costing more than CA$1.36bn (£870m) in total. 

The first payment in the BetCity agreement is about CA$404m (£257m) but, depending on BetCity's financial performance in the 2022 and 2023 financial years, Entain could make contingent payments of CA$760m (£480m), which would take the cost of the deal up to around CA$1.158bn (£737m). There could be a further CA$67.25m (£42.73m) based on the success of the partnership between both brands and a smooth transition of BetCity to the Entain platform.

The deal is good news for Avid Gaming and could mean a stronger, more diverse Canadian online betting scene for players to enjoy.

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James Briscoe

James Briscoe

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James's Story

James worked in non-league football as a press officer before copy-editing local and national newspapers from around Britain. He then stepped into the online casino world in Malta as a copywriter, and since then, he’s continued his igaming journey as a freelance writer, and is delighted to be helping make CasinoSource content the best it can be.

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