LADBROKES owner Entain snapped up Dutch online sports betting operator Betcity this morning for as much as €850m (£729m) as the betting giant continues its grand push into Europe.
Entain said it would acquire the entire share capital of Betcity from Sports Entertainment Media BV for an initial consideration of €300m (£257m) and deferred contingent consideration of up to €550m.
The FTSE 100 firm said the freshly regulated online market in the Netherlands was “highly attractive and fast growing” with Betcity delivering speedy growth since its licensing in October 2021.
The Amsterdam-based company’s offering is “highly complementary” to Entain’s Bwin and Party brands, which are yet to receive the seal of regulatory approval in the Netherlands.
“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,” Entain chief Jette Nygaard-Andersen said.
With the move giving Entain around 20 per cent of the Dutch sports betting and gaming market, Peel Hunt said the stock continues to be “materially undervalued”.
They said the move was “another solid strategic step to leadership in regulated gambling market” for Entain. The acquisition is expected to complete during the second half of 2022.