British gambling company Entain takes over BetCity for $ 450 million

The Dutch gambling site Will soon be the property of the British gambling company Entain. The company is willing to deposit an initial amount of $ 300 million for the takeover. This amount can even increase if BetCity continues to do well after the takeover. A total of $ 450 million is expected to earn from the deal.

One of the largest providers

The Dutch online gambling platform was one of the first parties to go live after legalization on Bonus up to $250, and has since grown into one of the largest providers in the Dutch online gambling market. This has to do with the many ambassadors, such as Andy van der Meijde, Wesley Sneijder, Wim Kieft and Sjaak Swart, who can be seen in the many advertisements of BetCity.

The acquisition of the gambling site by the British Entain was announced by the companies in a press release today. The acquisition will cost Entain Fast payoutless than $ 300 million, where an amount of 10 times the profit before deduction of interest costs, taxes, depreciation and debits of the tax year 2023 is on top. Finally, it will receive another $ 50 million as soon as it is successfully integrated with the Entain platform.

Expected costs of the acquisition

Entain expects the total takeover to cost the company around $ 450 million, but this depends on how it online Casino will perform in 2023. The amount could therefore even rise to a maximum of $ 850 million. The British gambling company saved by the deal around $ 28 million in costs, which has to do with royalties that it does not have to pay double.

The acquisition is expected to be completed in the second half of 2022. Melvin Bostelaar, CEO of BetCity, will still be in control of the company. This also applies to the other members of the management team of the gambling site.

Join the forces with Entain

In the press release about the acquisition, BetCity CEO Melvin Bostelaar indicated that he was very pleased to be able to join the forces with Entain:

“We are pleased that we can join forces in Entain with a group of world class. Together we are well positioned to maintain a strong market position on the Dutch market in the coming years. Entain’s market -leading platform, technology, established brands and a global scale offer a fantastic opportunity to expand and enrich our customer offerings. The customer is central both at BetCity and Entain. The core values and philosophy of Entain in the field of responsible games, compliance and corporate culture fit seamlessly with that of BetCity. We are looking forward to a bright future together. ”

A lack of a permit

Just like a large number of other parties, Entain had to leave the Dutch online gaming market on 30 September 2021 due to a lack of a permit from the KSA. The company already has a number of gambling brands, including Ladbrokes, Bwin, PartycasiFast payoutand PartyPoker.

It has already been known that Entain made an application at the end of April 2022 for a permit for the game sites party poker, Bwin and Partycasino. It is not yet known whether the company will focus entirely on Betcity after the acquisition or still want to continue with the internationally known platforms.

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