Danish sportsbetting analytics firm Better Collective A/S has announced its entry into the embryonic Canadian online gaming market via the purchase of the iGaming comparison website at CanadaSportsBetting.ca.
The Copenhagen-headquartered firm used an official Wednesday press release to detail that the acquisition involved an upfront payment of almost $17.5 million alongside a commitment that could see it hand over an additional $6 million depending on the performance of the domain over the course of the next three months.
Better Collective A/S develops digital platforms for the global betting tip, bookmaker information and online gaming communities and last year took a giant step forward by buying rival The Action Network in a deal worth approximately $240 million. The enlarged enterprise stated that its latest procurement highlights an ‘intention to achieve a leading position’ within the Canadian online sportsbetting sector and follows the expansion of its credit line with Nordea Bank Danmark A/S by a further $110 million.
Canada passed a wide-ranging piece of legislation in June to legalize single-game online sports wagering while the province of Ontario will be allowing a host of commercial iGaming operators to go live from as soon as April 4. These coming sites are expected to include American pioneer Rush Street Interactive Incorporated’s BetRivers.ca service as well as RoyalPanda and LeoVegas-branded domains from Swedish competitor LeoVegas AB.
Jesper Sogaard serves as the Chief Executive Officer for Better Collective A/S and he used the press release to declare that CanadaSportsBetting.ca was established ‘to guide sports fans to wagering websites that will suit their betting needs’ and has since become an established service ‘with a solid position in the market’ for supplying users with helpful information. The boss moreover proclaimed that his firm now intends to utilize the site as well as its plethora of other brands so as to further exploit a North American iGaming scene widely expected to ‘continue growing with increasing revenues and operational earnings.’
Read a statement from Sogaard…
“I am very happy to include CanadaSportsBetting.ca in our product portfolio. This acquisition gives us a strong foothold in a Canadian market, which is developing in a very promising direction. With this new website and support from our established North American business, I believe we can develop this asset into a flagship Canadian sportsbetting brand.”
In light of the new purchase and Better Collective A/S disclosed that it has furthermore updated its targets for the upcoming financial year and now expects earnings before interest, tax, depreciation and amortization for this twelve-month period to reach approximately $87.9 million. The company moreover asserted that this alteration represents a rise of over 6.6% when compared to its previous prediction of roughly $82.4 million to ‘reflect the expected earnings from the Canadian market and a generally strong business performance in the first months of the year.’