Entain Bolsters Its Presence In Canada With Acquisition Of Avid
Entain PLC has bolstered its presence in our neighbour to the north with a strategic acquisition announced earlier this week. The acquisition is important news for those interested in sports gambling and investing. Entain is a publicly traded company available on the over-the-counter market under the symbol of GMVHY.
About The Acquisition
Entain’s acquisition of Avid Gaming, also known as Deis Limited, is important as the company owns the popular web-based sports gambling brand Sports Interaction. Sports Interaction has served as one of the continent’s top online sports gambling platforms for several decades.
Though the company came under fire for allegedly stealing sports gamblers’ identities and payment information back in the aughts, it appears as though the site has rebounded back to respectability. The Canada-based sports betting powerhouse was purchased from Middlebrook Investments Limited for $300 million.
Avid Gaming is headquartered in New Jersey’s Channel Islands. The company also has offices in the Kahnawake Mohawk Territory and even in Ireland. Avid Gaming exclusively licenses the company’s betting trademark. The company also offers proprietary web-based sports gambling services and products.
Entain’s leadership indicates the acquisition will fortify its Ontario license application all the more. The strategic purchase of Avid Gaming also sets the stage for additional growth opportunities that align with the company’s overarching strategy for sustainability and growth across posterity. The hope is that Sports Interaction’s sports gambling opportunities add to its current Canadian-based brands of bwin and Party, creating a whole that is greater than the sum of its parts.
Moving forward, the addition of Avid Gaming will help Entain provide its clientele in Canada with even more gaming opportunities. The company also hopes to scale globally within the years ahead.
Entain’s Leadership Makes A Statement
The Chief Executive Officer of Entain, Jette Nygaard-Andersen, states Sports Interaction is the top sports gambling platform and brand in Canada. He also went on to detail how the popular sports gambling website is aligned with Entain’s ethos of providing exemplary customer service and ramping up growth.
The brand recognition of Sports Interaction combined with Entain’s industry-leading platform sets the stage for the company to provide customers with the industry’s best sports gambling products. The Chief Executive Officer of Avid Gaming, Will Golby, and additional members of the business’s leadership team will make the move to Entain after the acquisition.
Golby’s official statement pertaining to the acquisition touches on how he is delighted to combine forces with Entain to advance the “world-class” brand with elite leadership. He also touched on the company’s idiosyncratic approach to local markets. Entain’s push for community investment, responsible gaming and environmental sustainability appears to be a solid match with Avid Gaming’s similar vision.
Sports Interaction Is Worth The Gamble
Sports Interaction has been in the sports gambling business for decades yet it didn’t reach a critical mass until recently. The online sports gambling platform has experienced rapid growth in recent years, boosting gross revenues by 40% on a year over year basis in ’21, hitting $76 million.
Ask anyone who has used the Sports Interaction platform about its efficiency and user experience design and you will be inundated with praise. The addition of Sports Interaction along with Ennovate, another company acquired by Entain with a $134 million investment, will likely carry Entain to new heights in ’22 and beyond.