Sports Entertainment Media has agreed to sell BetEnt, which operates under the BetCity.nl brand, to Entain for €300 million plus a delayed potential value of up to €550 million.
BetCity is a leading online sports betting and gaming company in the Netherlands. BetCity, based in Amsterdam, was granted an online sports betting and gaming license by the Dutch Gaming and Gambling Authority (Kansspelautoriteit) in October 2021. The newly regulated internet industry in the Netherlands is highly appealing and rapidly expanding in both sports betting and gaming. BetCity has had tremendous growth since its October 2021 licensing, attaining a dominant position with around 20% market share in the fourth quarter of 2021.
In keeping with the Group’s strategy, this acquisition will establish a powerful market operator with significant growth potential. BetCity’s service complements Entain’s bwin and Party brands, which are awaiting approval for a license to operate in the Netherlands. The KSA has recently asked extra documentation as part of the ongoing application process, so approval is now expected later this year.
Customers will benefit from a wider range of engaging products, fresh content, and new experiences thanks to the combination of BetCity’s local knowledge, strong brand, and big diverse user base with Entain’s global size and market-leading platform.
BetCity’s CEO, Melvin Bostelaar, and other key members of the leadership team will continue to work for the company.
“We are happy that BetCity is joining Entain, and we are enthused by the tremendous prospects in the newly regulated Dutch industry,” says Jette Nygaard-Andersen, CEO of Entain. Because we’re combining BetCity’s local expertise and brand with Entain’s market-leading, customer-focused platform, customers will get an even better experience. Our growth strategy of operating in attractive regulated areas is reinforced by this deal. We’re excited to collaborate with Melvin and the BetCity team.”
Melvin Bostelaar, CEO of BetCity, comments: “We are happy to be joining forces with a world-class group in Entain. Together we will be wellplaced to maintain a strong market position in the Dutch market for the coming years. Entain’s market leading platform, technology, established brands and global scale provides a fantastic opportunity to expand and enrich our customer offering. Both BetCity and Entain position the customer at the heart of everything we do, with Entain’s core values and philosophy in responsible gaming, compliance and company-culture seamlessly aligning with those of BetCity. We look forward to a bright future together.”