The company believes this acquisition will build a stronger entry into the Canadian market and, as a result, Better Collective has updated its financial targets for the year.
The agreement comes just prior to the province of Ontario launching online sports betting on 4 April 2022 and, in addition to other provinces in Canada, Better Collective expects a generation of revenues in excess of €5m during 2022.
Following this date, it is expected that a number of other provinces throughout Canada will take steps to regulate online sports betting in the near future.
As a company, CSB offers sports fans a guide to wagering websites that will suit their betting needs while aiming to inform online betting decisions. It also offers sportsbook reviews, bonuses and odds suggestions.
The purchase price of €21.4m was paid with €15.9m in an initial cash payment; €5.5m is offered as a deferred cash payment based on certain deliverables within three months. Better Collective has recently increased its credit lines with Nordea Bank by €100m, to finance further acquisitions including the CSB assets.
Jesper Søgaard, Better Collective CEO, said: “I am very happy to include Canada Sports Betting in the Better Collective product portfolio. This acquisition gives us a strong foothold in a Canadian market, which is developing in a very promising direction.
"With these new websites and with support from our established North American business, I believe we can develop these assets to become flagship brands within sports betting in Canada.”
