Better Collective acquires Canada Sports Betting in $23.5m deal
The acquisition comes ahead of iGaming’s launch in Ontario and is set to generate $5m in revenue during 2022.
Better Collective, a sports betting media brand operating throughout North America, has announced the purchase of Canada Sports Betting for a maximum fee of $23.5m.
This comes just weeks before the launch of single event sports betting and iGaming in Ontario, Canada’s most populous province.
Canada Sports Betting, which Better Collective believes will generate $5m in revenue during 2022 alone, works to direct bettors to wagering sites that fit their wants and needs.
“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,” said Jesper Søgaard, CEO of Better Collective.
“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.”
The deal is structured as an upfront agreement worth $17.5m, the rest will be deferred until certain targets have been met.
This acquisition comes as part of Better Collective’s long-term North American strategy. Specifically, the media brand hopes that this agreement can place it in a leading position ahead of the Ontario market’s launch.
With the completion of this deal, Better Collective has upped its projected EBITDA for 2022 to approximately $87m. Ultimately, the company expects Ontario, with its notably high population, will greatly increase earnings across the North American segment.
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