HeadsUp Entertainment International Inc has signed a letter of intent (LOI) to acquire 50% of the shares of sports betting, casino and poker operator VIP Entertainment Group NV (VIP).
VIP operates five separate sportsbook brands led by VipBets.com, five online casino brands and an online poker platform. Licensed in Curacao, the operator has been in business since 2014 and is currently in the final stages of acquiring a UK gaming license to expand operations into new jurisdictions supported by its global payment processing systems.
VIP’s audited financials show over $112m in processed wagers generating a profit of over $5.4m in the past 48 months. Given the quickly evolving environment in the gaming industry and shifting business patterns affected by Covid19, VIP revenues remained solid in August 2020 with over $970,000 in wagers processed which generated $93,148 in net profit.
The LOI outlines a three-step due diligence process that is expected to be completed within 30-45 days resulting in the Closing of the Definitive Agreement in October. This acquisition, said HeadsUp in a statement, positions it to grow its revenue base in licensed jurisdictions and is the first of several industry related growth strategies with three other acquisitions currently in negotiation.
HeadsUp will be announcing its new management team and board of directors soon that will support the company vision to become a leader in gaming, lottery, 50/50 digital, bingo and esports sectors.