Canada has been making a lot of strides in expanding legal sports betting within its borders. For many, gambling operators, April 4, 2022 is an important date. This is because this is the date when the province of Ontario will be launching online sports betting. In anticipation, many sportsbooks are getting ready by updating their sports betting software and making deal to improve their services. Following this trend, Better Collective Acquires Canada Sports Betting to get their assets.
Better Collective is a Sports Betting Media Group with their headquarter in Denmark and the owners of the Action Network. In addition, they also own U.S. sports betting/DFS brands, RotoGrinders and Vegas Insider. In the sports gambling industry, the company is well-known for providing gamblers with news and useful sports betting tools.
Jesper Søgaard, CEO of Better Collective said he is “very happy to include Canada Sports Betting in their product portfolio”. Furthermore, “it gives them a strong foothold in a Canadian market, which is developing in a very promising direction”.
His goal is to develop these assets to become flagship brands within sports betting in Canada.
Better Collective Acquires Canada Sports Betting for $23.5 Million
According to their announcement, Better Collective said the acquisition of CSB came at a maximum purchase price of $23.5 million. The purchase price was paid with a $17.48 million cash payment. Furthermore, the rest will be given as a deferred cash payment depending on certain deliverables within three months.
The company expects their Canadian ventures to generate revenues in excess of $5.49 million for 2022. With a population of 15 million people, Ontario is a great source of revenue for the company. As more provinces legalize online sports betting, Better Collective expects to see their revenue increase in the near future.
In addition, April 4, 2022 is just the beginning of the growth of online sports betting in Canada. This is because several more provinces intend to allow multiple betting providers operate within their borders. The online bookie pay per head industry have shown particular interest with Alberta releasing an RFP for two retail sportsbooks.
At the moment, FanDuel, Bet365, PointsBet and the Score Bets will be launching their online website in Canada in April.
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