Gambling group Entain announced today the acquisition of Avid Gaming in a deal valued around C$300 million ($236 million). Entain acquired Deis Ltd, the firm operating Avid Gaming, from Middlebrook Investments Limited.
Highly Complementary to Existing Canadian Business
The acquisition of Avid Gaming, owner of Canada’s leading online sports betting brand Sports Interaction, is seen as a significant step forward for Entain’s strategy to strengthen its presence north of the US border.
Headquartered in Jersey, Channel Islands, and with offices in the Mohawk Territory of Kahnawake and Ireland, the brand is the exclusive provider of online betting and gaming products and services to the Mohawk Council of Kahnawà:ke (MCK) and the Mohawk Online socio-economic initiative.
Commenting on the acquisition announcement, Entain’s chief executive officer, Jette Nygaard-Andersen, underlined the leading position in Canadian sports betting Sports Interaction holds and its alignment with Entain’s “ambitions of great customer service and ambitious growth, coupled with an unwavering commitment to sustainability.”
“It is highly complementary to our existing operations in Canada, and the combination of its local expertise and Entain’s powerful platform will provide customers with an unrivaled range of exciting and engaging products in this fast-growing market.”
Jette Nygaard-Andersen, CEO, Entain
Sports Interaction, combined with Entain’s existing Canadian business, Party and bwin, will bring together global scale expertise and market-leading platform with local partnerships, capabilities and experience to create a product offering that will entice Canadians with engaging products and services.
Avid Gaming chief executive officer Will Golby, who is set to transition to Entain, along with other members of the acquired company’s leadership team, expressed his delight “to be joining forces” with the global group that combines “world-class brands, strong leadership and a winning strategy” to introduce a “unique approach to local markets” and consistently deliver “well-executed, localized approaches to the same level of customization and detail.”
“Entain’s commitment to sustainability, responsible gaming and community investment aligns exactly with our own business philosophy, and we look forward to a bright future together.”
Will Golby, CEO, Avid Gaming
Support for Local Communities
The acquisition will see Entain continue to support the socioeconomic efforts of the Mohawks of Kahnawake via the existing relationship between Sports Interaction and Mohawk Online, the brand that reinvests its revenues into the community of Kahnawake to provide funding for schools, public services and cultural programs.
MCK’s grand chief Kahsennenhawe Sky-Deer spoke with superlatives about Entain, outlining the group’s “genuine desire” to support the communities in which it operates, similar to what Mohawk Online is doing.
“This new partnership between Entain and the Mohawks of Kahnawà:ke is mutually beneficial, and brings with it prime opportunity for bolstering our self-sufficiency through the continuing success of Sports Interaction,” he concluded.
Avid Gaming’s acquisition is projected to deliver approximately C$15 million ($11.8 million) in technology, content and procurement benefit synergies in 2023 to result in a multiple of 7x Entain’s 2023 EBITDA.