Entain set to bolster US offering with Angstrom Sports acquisition17th July 2023 8:41 am GMT
Entain has agreed a deal to acquire Angstrom Sports, a UK-based provider of pricing for US sports.
Entain will pay a total consideration of £81 million to acquire the business, plus contingent payments totalling a maximum of £122 million, payable over three years.
The company said the acquisition will make Entain the only global operator with a full in-house suite of end-to-end analytics, risk and pricing capabilities for US Sports betting products.
This will allow Entain to provide a significantly greater number of betting opportunities, helping to deliver margin enhancement over the long term.
“We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform,” said chief executive Jette Nygaard-Andersen. “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 unrivalled sports betting experience underpinned by enhanced in-house data-analytics, a global platform and market leading brand.”
The acquisition is expected to close in the third quarter of this year.
Sion Colley, CEO of Angstrom Sports, commented: “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 realise our ambitions in bringing best in class products and experiences to sports betting customers through Entain's market leading global brands.”
Shares in Entain plc. (LSE:ENT) were trading 0.31 per cent lower at 1,268.50 pence per share in London early Monday morning.