Better Collective AB has acquired Canada Sports Betting (CSB), completing a strategic transaction that will guarantee its publishing network presence within the province of Ontario’s online gambling marketplace that is set to launch on 4 April
Updating investors, Better Collective revealed that it had acquired all CSB related assets for a maximum purchase price of €21.4 million – of which €16 million will be paid for in cash.
The deal has been incentivised by Better Collective agreeing to a €5.5 million deferred cash payment contingent on certain deliverables within three months.
Chief Executive Jesper Søgaard outlined the firm’s objective to become the leading affiliate network for Ontario and other soon to be regulated Canadian provinces.
“I am very happy to include Canada Sports Betting in the Better Collective product portfolio. This acquisition gives us a strong foothold in a Canadian market, which is developing in a very promising direction.” – Søgaard explained.
“With these new websites and with support from our established North American business, I believe we can develop these assets to become flagship brands within sports betting in Canada.”
Better Collective expects that the Canadian activities will generate revenue in excess of €5 million for the financial year 2022.
In connection with the acquisition of CSB, Better Collective has updated its financial targets for FY2022 trading, expanding its corporate earnings (EBITDA) to €80 million (previous target €75m).
Further developments saw Better Collective recently expand its credit lines with Nordea Bank by €100 million to finance further acquisitions, including the CSB assets.