17th Jul 2023 11:45
(Correcting deal value.)
(Alliance News) - Entain PLC on Monday said it has bought Angstrom Sports for a potential consideration of up to GBP203 million if all contingencies are met.
The London-based sports betting and gambling operator via bwin, Coral, Ladbrokes, PartyPoker and Sportingbet brands, said the purchase consists of an initial payment of GBP81 million and contingent payments totalling a maximum of GBP122 million, which is payable over three years. The acquisition is expected to close in the third quarter of 2023.
Angstrom is a London-based specialist provider of US sports forecasting and data analytics. Entain said the acquisition will help deliver long-term margin enhancement through betting opportunities, in play products and pricing expertise.
Entain Chief Executive Officer Jette Nygaard-Andersen said: "We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform. Their next generation forecasting, pricing and risk management capabilities will unlock significant opportunities across BetMGM's US sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering. "
Shares in Entain were down 0.8% at 1,263.00 each in London on late Monday morning.
By Sabrina Penty; Alliance News reporter
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