Under the agreement, Kings Entertainment will combine with SVH and operate as a single business.
The deal is subject to a series of terms and conditions including shareholder approval and the approval of the Canadian Securities Exchange (CSE). Trading of Kings Entertainment’s common shares on the CSE will be halted during the approval process.
Should the deal go through, current Bet99 chief executive Jared Beber will serve as CEO of the merged business, with Kings Entertainment CEO Steve Budin to continue to lead the group’s LottoKings operations and act in an advisory role.
In addition, Adam Arviv, the founder and former CEO of Bragg Gaming Group, will become executive chair of the combined entity.
“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,” Budin said.
“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.”
Beber added: “Merging with an internationally recognised 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.”