Entain, the largest online gambling company in the United Kingdom, has recently completed the acquisition of rival company Cgebet in a transaction valued at $365 million.
The most major acquisition undertaken by Entain, which is the largest online gambling company in the United Kingdom, was the purchase of rival company Bet.pt in a transaction that was valued at $365 million. The acquisition signifies a substantial expansion for Entain, further confirming the company’s position as a leading participant in the online gaming business across the world.
As part of the transaction, Entain will acquire all of cgebet assets, including the company’s online casino, sports betting platform, and user database. cgebet is one of the most prominent online gambling businesses in Portugal, where it enjoys a strong presence as one of the country’s major operators. Through this acquisition, Entain will be able to extend its presence in the Portuguese market, which is recognized as having one of the highest rates of growth among European markets for online gaming.
The acquisition is a crucial component of Entain’s larger goal to expand its global footprint and raise its market share in key regions all over the world, and it is one of the most important components of that strategy. In recent years, the corporation has engaged in a series of significant acquisitions, one of which was the purchase, in January 2021, of the Swedish online gambling provider Enlabs.
Jette Nygaard-Andersen, CEO of Entain, expressed her delight about the acquisition, adding that it would offer the firm with a good opportunity to expand its operations and grow the number of customers it serves. Jette Nygaard-Andersen also expressed her excitement about the transaction. She also emphasized the significance of the Portuguese market and stated that it was an essential location for the expansion strategies of the organization.
It is anticipated that the transaction will be finalized by the end of the second quarter of 2023, provided that it receives the necessary governmental clearances. Because Entain has a solid track record of successfully integrating acquisitions into its business, the company is optimistic that the Bet.pt acquisition will not be an exception to this trend.
In recent years, the online gambling sector has seen substantial growth, which can be attributed to the growing popularity of online betting as well as the extension of regulatory frameworks in many countries across the world. Because of this, businesses that deal in online gambling are looking to make smart acquisitions in order to broaden their operations and grow their share of the market. One such acquisition was recently announced by Entain.