Better Collective has entered the Canadian market ahead of Ontario’s igaming launch after acquiring Canada Sports Betting (CSB).
The purchase price of CSB amounts to a maximum of $23.5m, of which $17.5m is an upfront cash payment and $6.0m is a deferred cash payment contingent on certain deliverables within three months.
CSB was launched to help its users find wagering websites that will suit their betting needs and help them make informed online betting decisions.
Better Collective continues to expand its North American publishing network by adding CSB assets to its portfolio, including the player communities of the Action Network and VegasInsider.
Jesper Søgaard, CEO of Better Collective, commented: “I am very happy to include Canada Sports Betting in the Better Collective product portfolio. This acquisition gives us a strong foothold in a Canadian market, which is developing in a very promising direction.
“With these new websites and with support from our established North American business, I believe we can develop these assets to become flagship brands within sports betting in Canada.”
Better Collective expects that the Canadian activities will generate revenue in excess of $5.5m in the 2022 financial year.
Following the CSB acquisition, Better Collective has updated its financial targets for 2022, with EBITDA now expected to reach approximately $88m (previously approximately $82m) to reflect the expected earnings from the Canadian market. Other financial targets relating to organic growth and debt leverage remain unchanged.
Alongside its expansion in North America, Better Collective has also recently expanded its credit lines with Nordea Bank by $110m to finance further acquisitions, including the CSB assets.