8th Jun 2023 11:54
(Alliance News) - Entain PLC on Thursday said it anticipates its business to be enhanced via its strategic partnership with statutory body TAB New Zealand and its acquisition of scores and sports media firm 365scores.
Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet.
The company on Thursday said it expects the two transactions to deliver a boost of GBP15 million to GBP20 million to earnings before interest, tax, depreciation and amortisation for 2024, and for this to increase to GBP50 million in 2025. Entain's 2022 total underlying Ebitda was GBP993 million.
In May, Entain said it signed an agreement with TAB New Zealand, a statutory body that provides betting services to New Zealanders and makes returns back to New Zealand racing and sporting organisations.
Under the 25-year strategic partnership terms, Entain took over the running of TAB NZ at the start of June. It included a payment by Entain, and an ongoing gross profit share arrangement. Entain agreed to pay up to NZD260 million, around GBP132 million at the time.
Further, in April, Entain said it bought scores and sports media firm 365scores for USD150 million and contingent payments of up to USD10 million. The bought company provides scores and sports information, editorial and social content, as well as sports-focused free-to-play games.
Entain shares were 1.4% higher at 1,296.50 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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