Kings Entertainment is set to enter a business combination with SVH, the holding company of Canadian sportsbook and online casino brand Bet99.
Under the terms of this agreement, the CEO of Bet99 Jared Beber will become the CEO of the merged company, whilst current Kings leader Steve Budin will continue to manage the LottoKings operations and act in an advisory role.
“The combination of Kings Entertainment, a company led by pioneers of the international online sports gambling industry, and SVH, the parent company of operators of the market-leading Bet99 brand, will be transformative for the Canadian sports betting sector,” commented Budin, CEO of Kings Entertainment.
“Our vision for Kings has always been to build leadership positions within each of the regulated jurisdictions that we enter, and this agreement will certainly accelerate that goal within the Canadian landscape and beyond.”
The continued makeup of the senior leadership group will feature former CEO and Founder of Bragg Gaming, Adam Arviv, who will join as the Executive Chair.
An experienced gaming executive, Arviv was credited with transforming the balance sheet at Bragg, eliminating $50M of debt, and ensuring $45M in cash and zero debt.
The deal remains subject to terms and conditions which include both shareholder approval and the approval of the Canadian Securities Exchange.
Kings listed on the CSE earlier this year under the ticker JKPT, as it aimed to attract and engage an international player base and expand into the live dealer casino games and sportsbook sectors’.
“Merging with an internationally recognized online betting veteran such as Kings is a natural next step for SVH,” said Jared Beber, CEO, of Sports Venture Holdings.
“Bringing the Bet99 brand to the public capital markets, through Kings’ CSE and OTC listings, will not only support expansion by engaging a much broader investor base, but will also build the Bet99 brand with an even wider audience of betting enthusiasts.”