A prominent sports wagering media conglomerate, Better Collective, has procured the holdings of Canada Sports Betting for €21.4 million (US$23.5 million), marking a significant move into the expanding Canadian sector.
This purchase enables Better Collective to establish a solid presence in Canada just as Ontario, the nation’s most populated region, prepares to initiate its regulated internet sports wagering market on April 4, 2022. Through this tactical action, Better Collective is well-situated to leverage the increasing Canadian market and has even adjusted its fiscal targets for the year, forecasting over €5 million in earnings from Canada solely. The firm anticipates other Canadian provinces will emulate Ontario’s model and legalize online sports gambling in the near future.
Canada Sports Betting serves as a primary resource for Canadian sports enthusiasts, offering extensive wagering instructions, evaluations of sportsbooks, bonus details, and odds contrasts.
The acquisition was funded through a blend of initial cash (€15.9 million) and postponed cash disbursements (€5.5 million) dependent upon specific benchmarks. To further propel its growth, Better Collective recently obtained a €100 million boost to its credit line with Nordea.
Jesper Søgaard, Chief Executive Officer of Better Collective, conveyed his excitement regarding the acquisition, affirming that he was “pleased to incorporate Canada Sports Betting into Better Collective’s assortment.”
This business consolidation significantly enhances our standing within the thriving Canadian market. Leveraging our current North American infrastructure and these fresh opportunities, I am certain we can transform these holdings into a dominant force within the Canadian sports wagering landscape.”
