Betsson to Enter Belgium via €120M betFIRST Acquisition

The holding company that invests and manages fast-growing companies within the iGaming vertical, Betsson AB, unveiled plans regarding a new acquisition, allowing it to enter the regulated gambling market in Belgium. On Thursday, the company confirmed its plans to acquire betFIRST, a leading sports betting and gaming operator in the country. Details released by Betsson reveal that the price tag of the new acquisition is set at €120 million ($130.6 million).

It was back in 2011 when betFIRST launched its services for the Belgian regulated market. Starting from dice games and sports betting, the operator continuously expanded its presence, allowing it to gain a leadership position within the gambling vertical in the country. By now, betFIRST is known as a leading sports betting and gaming brand, offering responsible gambling entertainment.

Currently, betFIRST holds a Belgian license for online dice games, as well as online sports betting. Judging by its latest results, for the financial year ending December 31, 2023, the company’s EBITDA was €10 million ($10.9 million), while net gaming revenue for the period hit €51.2 million ($55.7 million).

To ensure a successful launch within the Belgian market, Betsson confirmed that it joined forces with Groupe Partouche, a famous French casino operator. Per the new deal, Groupe Partouche is expected to help the company deliver customized online casino offering for the market in Belgium. The collaboration between Betsson and Groupe Partouche isn’t a surprise, considering that the French casino operator holds a license for land-based casino gambling in Belgium. However, this license can be expanded to the online vertical, bringing benefits for Betsson.

The Acquisition Marks an Exciting Moment for Betsson

Pontus Lindwall, Betsson’s president and CEO, revealed that the company is excited to enter the gambling market in Belgium via the betFIRST acquisition and the support from Groupe Partouche. “At Betsson, our growth strategy revolves around extending our presence into new markets, particularly in locally regulated or soon-to-be regulated markets,” he explained.

According to Lindwall, betFIRST’s strong presence in Belgium since 2011 is in line with the company’s expansion strategy. Finally, Betsson’s CEO and president, pointed out: “Our business model is highly scalable, and these initiatives will add revenue and strengthen our profitability over time.”

“We are very excited about entering the Belgian market together with our partners Groupe Partouche and see a strong strategic fit with the acquisition of betFIRST.“

Pontus Lindwall, CEO and president of Betsson AB

Judging by Betsson’s recent announcement, the total €120 million ($130.6 million) for the acquisition breaks down to €117 million ($127.5 million) on a cash and debt-free basis, as well as an additional €3 million ($3.3 million) which may be paid as “earnout.” The additional payment, the company said is subject to betFIRST reaching specific financial targets.