Kings Entertainment Group Inc. has combined business operations with Sports Venture Holdings (SVH). The latter holding company owns a subsidiary that operates Bet99, one of the largest websites in Canada to accept players for online sports betting and iCasino.
The combination came into effect as of May 24, though the move is yet to be approved by the Canadian Securities Exchange. Until approval of the deal is granted, trading company shares will be halted.
Shareholders also must approve the deal.
Still, the respective bosses at both companies expressed optimism at the merger’s prospects. Said Bet99 CEO Jared Beber: “Merging with an internationally recognized online betting veteran such as Kings is a natural next step for SVH.
“Bringing the Bet99 brand to the public capital markets, through Kings’ CSE and OTC listings, will not only support expansion by engaging a much broader investor base, but will also build the Bet99 brand with an even wider audience of betting enthusiasts.”
Beber is due to become the CEO of the new company. Kings Entertainment CEO, Steve Budin, will take the helm of LottoKings in addition to staying on as an advisor to the new company.
Budin offered his comments on the deal: “The combination of Kings Entertainment, a company led by pioneers of the international online sports gambling industry, and SVH, the parent company of operators of the market-leading Bet99 brand, will be transformative for the Canadian sports betting sector.
“Our vision for Kings has always been to build leadership positions within each of the regulated jurisdictions that we enter, and this agreement will certainly accelerate that goal within the Canadian landscape and beyond.”
The Executive Chair of the combine entity will be Adam Arviv, who formerly was able to rehabilitate Bragg Gaming, an entity once hindered by $50m in debt.
