Digital gambling giant Entain has snapped up Canadian rival Avid Gaming in a deal worth C$300m (£174m), the firm announced today.
The FTSE 100 gambling giant, which owns Ladbrokes and Coral, said it had acquired Avid Gaming from Middlebrook Investments as it gears up for an expansion in Canada.
Entain bosses said in a statement: “Canada is a highly attractive and fast-growing sports betting and gaming market.
“Together with Entain’s application for an Ontario licence, this acquisition provides an excellent opportunity to drive further growth, in line with the Group’s growth and sustainability strategy.”
Entain added that Avid Gaming’s flagship Sports Interaction brand, Canada’s leading online sports betting site, was “highly complementary” to Entain’s existing Canadian business, made up of the Party and bwin brands.
Jette Nygaard-Andersen, CEO of Entain plc, 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.”
Avid Gaming is headquartered in Jersey (Channel Islands), but has operation in the Mohawk Territory of Kahnawà:ke and Ireland. Entain said it was delighted to be backing “the Mohawk Online socio-economic initiative” with its acquisition of the firm.
Sports Interaction has boomed in recent years with revenues in 2021 increasing by 40 per cent on 2020 levels to C$76m (£44m).
Entain said that the acquisition presented the opportunity for major synergies between the two companies, which it expected to deliver £8.7m in 2021.
Will Golby, CEO of Avid Gaming, said Entain has a “unique approach to local markets” which aligned with Avid Gaming’s “philosphy”.
Entain has recently looked to expand its reach into the entertainment market and announced last week that it would pump £40m into a new innovation hub in London.
The ‘Ennovate Lab’, bosses said, would be used to trial new innovations in sport, gaming and interactive entertainment for the metaverse.