Betsson Perch Investments AB, a subsidiary of online gaming operator Betsson AB, has acquired 28% of the shares in Canadian start-up Slapshot Media Inc for the purchase price of $3m.
The investment, said the firm, is in line with its strategy of partnering locally in order to position itself in locally regulated markets and markets soon to be regulated. Canada will officially legalize single event sports betting on August 27, 2021.
Betsson will have various call options to scale up the shareholding to 70% in the company, for a maximum price of $25m over time and in line with introduction of provincial regulations for online gaming.
Slapshot Media Inc is a Canadian company that specializes in creating localized sports content and provides marketing and managed services to the online gaming market in Canada. It will work exclusively with Betsson to build the presence of the Betsson Group in the upcoming regulation in the Canadian market.
Pontus Lindwall, CEO of Betsson AB, stated: “This investment is another step forward in Betsson’s continued ambitions to grow in the North American market. The Canadian market represents a great opportunity for Betsson to increase the share of revenues from regulated markets.
“The local know-how and experience that the founders of Slapshot Media Inc possess will position Betsson well on the upcoming regulation of the Canadian market.”
Ontario is the first province to introduce a licensing regime for online gambling that is expected to come into effect in 2022. The Ontario market alone is estimated to reach $1bn by 2022.