Better Collective announced Thursday it has acquired the assets of Canada Sports Betting platform for a purchase price of €21.4 million ($23.5 million), and updated its financial targets for the year expecting a stronger entry into the Canadian market as a result of the merger.
The agreement comes weeks prior to the province of Ontario’s launch of its online sports betting market, scheduled for April 4. Following this date, it is expected that a number of provinces throughout Canada will start their own processes to regulate online sports betting in the near future.
Better Collective expects revenues in excess of €5 million during the remainder of 2022 after the purchase.
Better Collective is preparing for the opening of online sports betting in Ontario.https://t.co/WiUg6mb1JT pic.twitter.com/HmAnB8x4yG
— Better Collective (@BetterCollectiv) March 23, 2022
Canada Sports Betting offers a guide to wagering websites while aiming to inform online betting decisions. It also offers sportsbook reviews, bonuses and odds suggestions.
The purchase price of €21.4 million was paid with €15.9 million ($17.5 million) in an initial cash payment; €5.5 million ($6 million) offered as a deferred cash payment based on certain deliverables within three months. Better Collective has recently increased its credit lines with Nordea Banks by €100 million ($110 million) to finance further acquisitions including the CSB assets.
In an official statement, Jesper Søgaard, Better Collective CEO, said: “I am very happy to include Canada Sports Betting in the Better Collective product portfolio. This acquisition gives us a strong foothold in a Canadian market, which is developing in a very promising direction. With these new websites and with support from our established North American business, I believe we can develop these assets to become flagship brands within sports betting in Canada.”
As stated by the company in an official press release, the acquisition of CSB “underlines Better Collective’s intention to achieve a leading position as an online sports betting media in Canada. This will be enabled by a number of strong product offerings from existing brands, including Action Network and VegasInsider and the newly acquired CSB. In the light of this, Better Collective expects the North American market to continue growing with increasing revenue and operational earnings”..
