The deal, which was announced by Entain last summer, is worth up to €450m ($485m) – with €300m being paid up front. Meanwhile, another payment will be paid by 2024, which will be based on ‘10x BetCity's EBITDA for the financial year 2023 – less amounts already paid out.’
Lastly, a final payment of €50m will be paid by Entain upon ‘delivery of synergies and successful migration to the Entain Platform.’
Jette Nygaard-Andersen, CEO of Entain, said: "We are pleased to have completed the acquisition of BetCity. The combination of BetCity's local expertise and strong brand, alongside Entain's global scale and platform provides customers with an enriched and broader offering of engaging products, fresh content and new experiences.
“This transaction further underpins our growth strategy of operating in and expanding further into attractive regulated markets. We look forward to working with Melvin and the BetCity team as we execute on the significant opportunities in the Dutch market."
Among the issues found by the Gambling Commission, the report noted slow (or lack of) interaction with certain customers in a way that minimised their risk of experiencing harms associated with gambling (more precisely, the operator conducted one single chat interaction with an online customer who spent extended periods gambling overnight during an 18-month period in which they deposited £230,845).
