Betsson AB acquired Belgian sports betting and gaming operator betFIRST and announced a new strategic partnership with Groupe Partouche.
The total value of the acquisition of betFirst was EUR 120 million, of which up to EUR 3 million was an earnout payment subject to certain conditions being met, all payable in cash. The initial consideration is equivalent to a multiple of 10.0x betFIRST’s estimated EBITDA for the financial year 2023. Betsson is able to finance the purchase with existing cash from its balance sheet and within existing credit facilities. The closing of the acquisition is not conditional on regulatory approvals and is expected to occur on or around July 5, 2023.
Established in 2011, betFIRST is a B2C operator in the locally regulated online gaming market in Belgium, offering sports betting and dice games. The brand holds a license for online sports betting and a license for online dice games in Belgium. In addition to the online business, the company also operates across approximately 450 points of sale in Belgium and also owns a gaming arcade. In the last financial year ending 31 December 2022, betFIRST recorded net gaming revenue of EUR 51.2 million and adjusted EBITDA of EUR 10.0 million.
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At the same time, Betsson and Groupe Partouche, a publicly listed leading French casino operator, announced a new strategic partnership in order to offer online casino services in regulated markets. A first joint online casino offering should be launched in Belgium during 2023, subject to officially obtaining the required licenses. These two strategic initiatives are fully aligned with Betsson’s plans to deliver profitable growth, with a preference for growth in locally regulated markets in the long term.
The new partnership will combine Betsson’s expertise in the online gaming sector and Groupe Partouche’s market leadership in land-based casinos to deliver an online casino offering tailored to the local market. Groupe Partouche operates land-based casinos in France and Switzerland and also holds an offline casino license in Belgium, which can be extended to an online casino license. With such a license, a full range of online casino products can be offered to the Belgian market. Subject to the required licenses being granted by the Belgian regulator, the aim is to launch the online casino offering in Belgium during 2023.
Established in 1973, Groupe Partouche operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. Groupe Partouche was listed on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B (Mid Cap). ISIN: FR0012612646 – Bloomberg: PARP:FP – Reuters: PARP.PA – Bloomberg: PARP:FP
Led by Pontus Lindwall, CEO and President, Betsson AB (publ) is a holding company that invests in and manages companies within online gaming, with has the ambition to outgrow the market, organically and through acquisitions. The company is listed on Nasdaq Stockholm (BETS B).