Better Collective acquired the assets of Canada Sports Betting (CSB) for a purchase price of €21.4 million ($23.5 million). The company believes this acquisition will secure a stronger entry into the Canadian market and as a result Better Collective has updated its financial targets for the year.
The deal comes just before the province of Ontario releases online sports betting on April 4, 2022 and, in addition to other provinces in Canada, the Better Collective expects revenue generation in excess of €5 million during 2022.
After this date, a number of other provinces across Canada are expected to take steps to regulate online sports betting in the near future.
As a company, CSB offers sports fans a guide to betting sites that will suit their needs while also aiming to inform online betting decisions. It also offers sports portfolio reviews, bonuses and quote suggestions.
The purchase price of €21.4 million was paid with €15.9 million in an initial cash payment; EUR 5.5 million is offered as a deferred cash payment based on certain installments within three months.
Better Collective recently increased its lines of credit with Nordea Bank by €100 million to fund further acquisitions, including the assets of CSB.
Jesper Søgaard, CEO of Better Collective, said: “I am delighted to add Canada Sports Betting to the Better Collective product portfolio. This acquisition gives us a strong foothold in the Canadian market, which is developing in a very promising direction.”
“With these new websites and the support of our established businesses in North America, I believe we can develop these assets to become flagship brands within sports betting in Canada,” concluded Jesper.
