Kings Entertainment Group has taken the first step towards acquiring Bet99, a move that would strengthen its position in Canada’s sports betting market.
Kings has inked a business combination agreement with Sports Venture Holdings (SVH), the parent company of online sportsbook and casino brand Bet99.
If completed, this merger would “accelerate” Kings’ plans for the Canadian sports betting sector, and crucially, in Ontario’s newly regulated iGaming market, where Bet99 has applied for a licence from the Alcohol and Gaming Commission of Ontario (AGCO).
“The combination of Kings Entertainment […] and SVH,” said Steve Budin, Kings Entertainment CEO, “will be transformative for the Canadian sports betting sector.
“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.”
Current SVH CEO, Jared Beber, will serve as Chief Executive of the merged company, while Budin will continue to lead LottoKings, and act in an advisory role. In addition, Bragg Gaming’s Founder and former CEO, Adam Arviv, will assume the position of Executive Chair.
The business combination is expected to close at approximately the end of the third quarter this year.
Beber remarked: “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.”