Elys agrees to acquire US Bookmaking
| By Robert Fletcher
Online gambling operator and supplier Elys Game Technology has entered into a definitive purchase agreement to acquire 100% of Bookmakers Company, the Nevada-based sports betting services provider trading as US Bookmaking (USB).
Under the agreement, Elys will pay an initial $12m (£8.7m/€10.2m) upon closing of the deal, with this to be split as 50% cash and 50% in its common stock.
Additional earnout payments of up to $41.8m will also be paid as 50% cash and 50% in Elys common stock, subject to USB achieving certain adjusted cumulative earnings before interest, tax, depreciation and amortisation (EBITDA) milestones, ranging from $213,850 in 2021 and $19.4m for 2025.
The deal could close as early as July 15.
Founded in 2016, USB provides sports wagering services such as design and consulting, turn-key sports wagering solutions, and risk management.