Better Collective Acquires Canada Sports Betting for $23.5M
Better Collective, based in Copenhagen, Denmark, has acquired Canada Sports Betting for €21.4m ($23.5m). The deal is structured so that Better Collective has paid €15.9m upfront in cash, and there is an incentive-based deal for the remaining €5.5m if targets are met within the next 3 months.
Better Collective has stated the main reason for entering the Canadian market at this time is the opening up of the regulated gaming markets in Ontario on April 4th. This area of Canada will be monitored by iGaming Ontario, a subsidiary of the AGCO. of the It is believed that other Canadian provinces will follow suit in the near future, and after this purchase, Better Collective will be in a good position when this happens.
After acquiring Canada Sports Betting, Better Collective has updated its financial targets for 2022. The operational earnings, EBITDA, are now expected to be €80m (a rise of €5m). This €5m increase is expected from the predicted revenues that Canada Sports should achieve in 2022.
Along with its other brands, Action Network and Vegas Insider, the acquisition of Canada Sports shows an increasing presence in North America.
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.