Bwin acquired bet.pt for around 60 million euros. The negotiations were concluded at the beginning of the month, after receiving approval from the Games Regulation and Inspection Service.
With this purchase, Bwin officially entered the Portuguese betting industry. The sale of bet.pt was practically closed with Entain, a group that owns the Bwin brand, since the last quarter of last year.
According to the Dinheiro Vivo website, the settlement between the two companies defined the payment of 50 million euros when the contract was formalized. The last part, 10 million euros, will be paid off over two years after the fulfillment of certain requirements.
In this way, the Entain group enters the Portuguese market with the acquisition of one of the most relevant brands for online betting and games, consolidating its operations in the Iberian Peninsula. In Spanish territory, the organization already operates with Bwin. In addition, Entain estimates that the Portuguese betting market will increase by up to 70% by 2023.
With the purchase of bet.pt, Entain accounts for online gambling and betting operations in 27 regulated markets. Currently, the intention of this group is to explore both sports betting and online casino games.
Last year, Entain publicly stated that it would only operate in places where the game is legally legal. Today, 99% of the company’s revenue is obtained in territories with regulated markets or where they are in the process of regulation.
Bwin closes sponsorship of Liga Portugal for five years
Bwin is investing heavily in the Portuguese market. In addition to the acquisition of the Portuguese brand, the betting company has just closed a contract with Liga Portugal, the main professional football competition in the country. The agreement is valid for five years and establishes the right to nominate the tournament, which will be called “Liga Bwin” from next season.