- Legal States
Mike Johnson April 20, 2021 2 min read
Betsson to Pay $6.5m and Buy 35% Stake in Strive Platform Ltd
Ahead of its planned launch in Colorado and the United States, Betsson Group has agreed to buy 35% of Strive Platform Limited’s shares.
Betsson Buys Stake in Strive Platform to Bolster US Launch
Betsson Group has struck a deal to acquire a 35% stake in Strive Platform Limited for $6.5 million. The deal will help the group pursue further growth opportunities in the United States as it readies to roll out in Colorado as an entry point for the entire market.
Betsson may yet exercise a right to increase its stake in the company once Betsafe launches in the country later in 2021. The recent development is building upon an existing partnership that began last year.
Betsson teamed up with TG Lab UAB, the parent entity for Strive Platform Limited, to tap into the firm’s Account Management system (PAM) and help the brand navigate the US regulatory landscape. Betsson chief executive Pontus Lindwall had this to add:
“This investment is another important milestone in our US entry. The investment will support our B2C launch with the Betsafe brand in Colorado as well as broaden Betsson’s offering to the US market.”Betsson chief executive Pontus Lindwall
The company is the first gambling operator in the country to have sought a PAM solution and it will serve as a litmus test for potential future TG Lab UAB deals in the space. According to Lindwall, there is a limited number of PAMs and sportsbooks that can operate in the country’s multi-jurisdictional offer.
Betsson is opening an office in Central City, Colorado as part of its market entry, but no specific details and timeline has been established just yet.
The company is the latest overseas operator to seek entry into the fast-developing sports betting and gaming market in the United States.