ONLINE NEWS
Bragg grows in Ontario with SkillOnNet collaboration
Bragg Gaming Group has further secured its foothold in Ontario through the recent addition of its content to three of SkillOnNet’s operator brands, just weeks after entering the newly regulated market.
Titles from Bragg’s slots portfolio are now available to customers of SkillOnNet’s SpinGenie, PlayOjo and SlotsMagic casino brands in Ontario. This includes games from Bragg’s in-house studio, Atomic Slot Lab, as well as other exclusive titles curated by ORYX Gaming. Chris Looney, chief commercial officer at Bragg, said: “We are pleased to further extend our successful partnership with SkillOnNet to Canada through the launch of our proven portfolio in the very promising Ontario market. This latest collaboration will play a significant role in our growth trajectory in North America. In
particular, we have high ambitions to become a leading supplier across Canada and see great potential for long-term growth in the region.” Jani Kontturi, head of games at SkillOnNet, added: “Having recently received the green light to enter Ontario, it is crucial that we quickly build a strong content portfolio to ensure we have a premium offering for our local customers. With Bragg’s array of titles, we know we can provide players with great excitement and entertainment.”
Entain acquires BetCity
Entain plc has agreed to acquire the entire share capital of BetEnt B.V., which trades under the
BetCity.nl name from Sports Entertainment Media B.V. for an initial consideration of €300m (approximately £257m) and deferred contingent consideration of up to €550m (approximately £472m). BetCity received an online sports betting and gaming licence from the KSA (Kansspelautoriteit), the Dutch Gaming and Gambling Authority, in October 2021.
The newly regulated Netherlands online market is highly attractive and fast-growing across both sports betting and gaming. Since its licensing in October 2021, BetCity has delivered rapid growth with approximately 20% market share during the fourth quarter of 2021.
BetCity’s offering is highly complementary to Entain’s bwin and Party brands which are awaiting approval for a licence to operate in the Netherlands – now expected during the latter part of 2022. The combination of BetCity’s local expertise, strong brand and large diverse user-base, with Entain’s global scale and market-leading platform will provide customers with a broader offering of engaging products, fresh content and new experiences. Melvin Bostelaar, BetCity’s CEO, along with other key members of the leadership team, will remain with the Company.
Consideration structure
Initial consideration of €300m (approximately £257m) is payable in cash at completion, with a balancing payment to be paid in early 2023 based on the actual performance of BetCity in the financial year 2022; A further contingent payment will be paid in early 2024, based on 10x BetCity’s EBITDA for the financial year 2023, less amounts already paid out In addition, a final contingent payment of €50m (approximately £43m) will be paid on delivery of synergies and successful migration to the Entain Platform
4 JULY 2022 GIO
The total consideration payable on current expectations is €450m (approximately £386m). However, dependent on the performance of BetCity, the maximum consideration is capped at €850m (approximately £729m). The combination is expected to deliver approximately €28m (approximately £24m) of cost synergies, predominantly from technology, content and royalty benefits, by the end of 2026. The initial consideration will be funded from existing cash resources and drawings on the Group’s revolving credit facility.
The acquisition is expected to complete during H2 2022.
Jette Nygaard-Andersen, CEO of Entain, said: “We are delighted that BetCity is joining Entain and are excited by the significant opportunities in the newly regulated Dutch market. 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. This transaction further underpins our growth strategy of operating in attractive regulated markets. We look forward to working with Melvin and the BetCity team.”
Melvin Bostelaar, CEO of BetCity, added: “We are happy to be joining forces with a world-class group in Entain. Together we will be well-placed to maintain a strong market position in the Dutch market for the coming years. Entain’s market leading platform, technology, established brands and global scale provides a fantastic opportunity to expand and enrich our customer offering. Both BetCity and Entain position the customer at the heart of everything we do, with Entain’s core values and philosophy in responsible gaming, compliance and company-culture seamlessly aligning with those of BetCity. We look forward to a bright future together.”
BetMGM signs agreement with Sony Pictures Television and IGT
BetMGM has signed an agreement with Sony Pictures Television and IGT to launch Wheel of Fortune Casino, set to become the first full brand-led online casino in North America.
Wheel of Fortune, an iconic American gameshow, is preparing for its milestone 40th season. More than 250 versions of Wheel of Fortune slot games have been introduced over the last 25 years, and this online launch of Wheel of Fortune Casino will represent the latest gaming extension for the brand.
Matt Prevost, chief revenue officer, BetMGM, said: “Wheel of Fortune is watched nightly by millions of people and BetMGM is honored to partner with Sony Pictures Television and IGT to bring this online casino experience to life.” “Once live, Wheel of Fortune Casino will offer players the excitement of their favourite gameshow and real money wagering in the palm of their hand.” Suzanne Prete, executive vice president of game shows, Sony Pictures Television, said: “We are delighted to be partnering with BetMGM for the launch of Wheel of Fortune’s very first online casino. With Wheel of Fortune celebrating its 40th season this year, we are pleased to continue offering players additional, new ways to play the games they know and love.”
Enrico Drago, CEO digital & betting, IGT, added: “We’re excited to celebrate the evolution of the IGT Wheel of Fortune slot brand with BetMGM and Sony Pictures Television through the launch of Wheel of Fortune Casino. The Wheel of Fortune brand has been synonymous with slot gaming for more than 25 years, and this unprecedented brand-led online casino, driven by BetMGM’s compelling platform and promotional capabilities, is well- positioned to engage and entertain new and long-time players. As part of our ongoing PlayDigital strategy, we will continue to look for new and exciting ways to leverage our third party and home-grown brands with our operating partners.”
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