Not much is happening in the iGaming industry as far as acquisitions are concerned. Some have opened online casino Canada sites, but there are some things brewing in other parts of the world. However, a few have succeeded, and then there are offers on the table. Today, let us look at some of the largest acquisitions in the iGaming industry in 2022.
Better Collective Acquires Canada Sports Betting
Better Collective now owns Canada Sports Betting. The acquisition happened in 2022 and cost 41.4 million EUR. Better Collective expects that the Canada Sports Betting (CSB) will generate a revenue of five million EUR by the end of the year.
For now, the CSB only operates in Ontario, a province with around 15 million people. The province has already granted licenses to many commercial betting and gambling operators. Other Canadian provinces are expected to follow suit.
The purchase is split between an upfront payment of 15.9 EUR and deferred cash worth 5.5 EUR. The deadline for the payment is three months. Better Collective must pay the agreed amount before the deadline, or there will be some hiccups in the process of this acquisition. Better Collective is expected to borrow money from Nordea Bank.
Kings Entertainment Formalises Merger Deal
Kings Entertainment Group has taken the first step to acquire Bet99. This move will strengthen the position of Kings in the Canadian sports betting market.
Recently, Kings has written an agreement with Sports Venture Holdings (SVH). SVH is the parent company of Bet99. If this deal succeeds, Kings will have a spot in the Canadian market. It is a big deal, considering that Ontario is already allowing companies to facilitate gambling in the province.
Bet99 has recently applied for a license from the Canadian government. The combination of the two brands is likely to get completed by the third quarter of 2022.
Swifty Global is about to Agree to Acquire Goldchip
Swiftly Global, a big sports betting technology organisation, has recently announced its agreement with Goldchip for an acquisition.
Goldchip is a UK-based gambling company. This deal is part of Swifty’s plan to accelerate its penetration in different markets. The company recently received its gaming license to operate in the UK. They also got a license from Curacao.
In the future, Swifty will release a gambling app that will predict sports results. The acquisition of Goldchip will help support this goal and also make it happen faster.
Swifty did not disclose the complete details of the acquisition. The company confirmed that the acquisition is through a combination of cash, financing, and restricted shares. The company, Swifty, has a goal of growing its VIP sportsbook to 900 clients by the end of the year.
Swifty Global also plans to introduce its sports prediction app to the existing clients of Goldchip. This action should be easy, as Goldchip has a loyal customer base.
Goldchip was under fire recently. Its license was under suspension. Allegedly, the company operated against the set conditions of the Gambling Act of 2005.
Bragg Gaming about to Wrap up Spin Games Acquisition
Bragg Gaming recently received its license to operate from the Pennsylvania Gaming Control Board. As such, it is ready to go live in the state and complete its acquisition of Spin Games. With the license, the deal is expected to reach its closure within a few weeks.
Bragg and Spin entered this agreement with a price tag of $30 million. The deal is important to Bragg as Spin has licenses in regulated markets such as New Jersey, Connecticut and Michigan. Acquiring Spin will make it easier for Bragg to operate in these states.
In a matter of a few weeks, Bragg shall begin penetrating the US markets. Spin Games and the remote game servers of Bragg will have a combined output to address the needs relating to player engagement. Both of their technologies will also allow Bragg to benefit from their data gathering processes.
DraftKings Finalises Golden Nugget Acquisition
Meanwhile, DraftKings is in the process of gobbling up companies. Just recently, it has completed its takeover of the Golden Nugget Online Gaming company. The acquisition cost is $1.56 billion. The bid was approved as far back as 2021.
The Golden Nugget brand has been around since 1946. Over the years, the company has become an online gambling operator gearing its focus away from land-based casinos.
Today, Golden Nugget has a live dealer casino option and a sports betting site. Both of these are integrated, and DraftKings was interested in these assets. The acquisition does not include the physical or land-based casino assets of Golden Nuggets. These land-based casinos are owned by a different corporation called Fertitta Entertainment.
According to the CEO of DraftKings, acquiring other companies allows them to work in synergy with the existing talents across different businesses. The process of acquiring other businesses will strengthen the position of DraftKings. It also means that they can market themselves as a dual-brand in the iGaming sector. The strategy will prove efficient and effective once they exceed its targets in gross margins. They are also positive that these acquisitions will eventually help them save on costs.
