BetMGM and, in turn, Entain may be primarily known as a major online casino player but a new acquisition for Entain is beefing up the sports betting side of the organization.
Entain announced Monday that the company is acquiring Angstrom Sports in a deal worth roughly $266 million. Angstrom is best known for its abilities in sport modeling capabilities. The tech uses simulations to predict outcomes and set lines, helping to offer the most effective prices on sports markets.
“We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform. Their next-generation forecasting, pricing, and risk management capabilities will unlock significant opportunities across BetMGM’s US sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering. This acquisition will provide our customers with an unrivaled sports betting experience underpinned by enhanced in-house data analytics, a global platform, and market leading brand,” said Entain CEO Jette Nygaard-Anderesen.
BetMGM, which generally runs a fair amount behind DraftKings and FanDuel but remains thoroughly planted as the book with the third-highest US market share. As same game parlays continue to drive success at FanDuel and the push to expand in-game offerings continues across North America, this deal potentially shorrs up BetMGM to compete with the top two operators. A reminder that Entain is a joint venture between MGM and Entain, not a pure Entain holding.
The deal is scheduled to close Q3 of this year with payments spread out over the next three years. Rumors of the acquisition started swirling back in May.
“We’re excited to join forces with Entain to continue delivering unique and exciting betting opportunities across US sports. Entain shares Angstrom’s passion for innovation and our partnership will enable us to realize our ambitions in bringing best-in-class products and experiences to sports betting customers through Entain’s market-leading global brands,” added Angrstrom Sports EO Sion Colley.