Entain acquires Netherlands sports betting and gaming operator BetCity in an €850m deal brokered by Partis
Leading global sports betting, gaming and interactive entertainment group Entain plc has acquired Netherlands operator BetCity for an initial consideration of €300m and a deferred contingent consideration of up to €550m.
Partis acted as advisors for BetCity. This deal follows an acquisition by Entain earlier in 2022, of Avid Gaming – a $300 million deal also brokered by Partis.
“We are delighted to have worked alongside such a strong and exciting business as BetCity” said Partis partner, Paul Richardson. “We are huge fans of Entain’s acquisition programme and this is the second high quality asset we have sold them this year.”
“On a personal level,” continued Richardson, “I am delighted to have joined Partis to work on landmark deals like this and look forward to many more.”
BetCity is one of the Netherlands’ leading online sports betting and gaming operators. Headquartered in Amsterdam, BetCity received an online sports betting and gaming licence from the KSA (Kansspelautoriteit), the Dutch Gaming and Gambling Authority, in October 2021.
The newly regulated Netherlands online market is highly attractive and fast-growing across both sports betting and gaming. Since its licensing in October 2021, BetCity has delivered rapid growth, establishing a leading position with approximately 20% market share during the fourth quarter of 2021. This acquisition will create a strong market operator with significant growth opportunities, in line with the Group’s strategy.
BetCity’s offering is highly complementary to Entain’s bwin and Party brands which are awaiting approval for a licence to operate in the Netherlands – now expected during the latter part of this year as the KSA has recently requested additional documentation as part of the ongoing application process. The combination of BetCity’s local expertise, strong brand and large diverse user-base, with Entain’s global scale and market-leading platform will provide customers with a broader offering of engaging products, fresh content and new experiences.
Melvin Bostelaar, BetCity’s CEO, along with other key members of the leadership team, will remain with the Company.