On Monday, Entain, a major player in the global sports betting and gaming landscape, revealed its acquisition of Avid Gaming, potentially paving the way for its entry into the Ontario market.Ontario sports betting market.
The acquisition deal is valued at CAD 300 million, which translates to approximately USD 237 million, based on official announcements.
With Entain having submitted an application for a license in Ontario, this acquisition aligns seamlessly with the company's strategic growth objectives.
Avid Gaming has its headquarters in Jersey and has operational offices located in the Mohawk Territory of Kahnawà:ke and Ireland. It owns Sports Interaction, which is recognized as a leading online sports betting platform in Canada, according to their public statement.
"Sports Interaction stands as the top brand for sports betting and gaming in Canada, perfectly matching our vision for exceptional customer support and aggressive growth while also prioritizing sustainability,\" stated Jette Nygaard-Andersen, the CEO of Entain. \"By leveraging Avid Gaming's local know-how along with Entain's robust platform, we will be able to offer our customers an unparalleled selection of exciting products in this rapidly expanding market.\"
"This acquisition strongly complements our operations in Canada,\" he added.
Avid Gaming holds an exclusive license for the Sports Interaction brand and offers an array of online betting and gaming solutions to the Mohawk Council of Kahnawà:ke (MCK) as well as to the Mohawk Online socio-economic initiative, as indicated in the announcement. The Mohawk Online entity, owned completely by the MCK, manages Sports Interaction's operations in Canada.
The revenues generated by Mohawk Online are reinvested into the Kahnawà:ke community, supporting cultural initiatives, educational institutions, healthcare services, and various public programs. Notably, 50% of Avid Gaming's workforce based in Kahnawà:ke consists of Mohawk individuals.
Entain's established Canadian operations include the brands Party and bwin. the release said .
April 4 Launch Date in Ontario
An open and regulated sports betting market in Ontario is set to launch on April 4.
PointsBet Ontario Sportsbook andtheScore bet Ontario On February 3, it was announced that the company received approval from the Alcohol and Gaming Commission of Ontario.
TheOntario online casino market is also set to launch on April 4.
More on Sports Interaction
Sports Interaction has already laid the groundwork for the launch, having seen significant growth in recent years, with gross revenues soaring 40% year-on-year to reach $76 million in 2021.
"We couldn't be more thrilled to unite with Entain, an exceptional organization that boasts prominent brands, strong leadership, and a successful business strategy,\" said Will Golby, CEO of Avid Gaming, in the press release. \"Entain's innovative strategies tailored for local markets set it apart, as no other large company offers such well-executed, locally customized approaches to this degree of detail.\"
"Entain’s dedication to sustainability, responsible gambling, and community engagement perfectly aligns with our own corporate philosophy, and we are eager for a promising partnership ahead.\"
Fromdeereplanet.com
