SBC News Voice of the Sports Betting Industry
AIM listed igaming marketing specialist XL Media has announced that it has agreed to acquire a UK sports betting affiliate website for a sum of $6.7 million (£4.10 million).
XL Media senior management have confirmed that they would go ahead with the acquisition of the UK sports betting website, and its additional igaming inventory, with a view to increase its coverage and marketing services in the UK igaming sector.
XL Media have decided not to name their investment, but have given details that the site has been active in the UK betting market since 2006, and that the purchased business had recorded earnings before interest, taxation, depreciation and amortisation of £920,000 in the twelve months to the end of June 2014.
Senior management of XL Media stated that they would initially pay $5 million one month after the close of the deal. The remaining sum would be further paid in instalments to the acquired party.
Ory Weihs, CEO of XL Media, commented: “With our current network focused on casino products, we see good opportunities in the market to buy additional assets in the sports betting arena. In addition, the UK market is a mature, established market where we see growth opportunities going forward.”
