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Gaming M&A Activity Continues as Action Network Goes to Better Collective

What a difference a year makes. The past 12 months have seen a number of high-profile deals being made in the gaming space, with mergers and acquisitions (M&A) now becoming almost a daily occurrence. The founders of Action Network aren’t complaining, as their hard work is now paying off in a big way. Only launched three years ago, the sports gambling news and data platform are now being acquired by Better Collective for $240 million, making it the largest acquisition ever conducted by the sports gambling media group.
Better Collective Keeps the M&A Trend Alive
Better Collective announced yesterday that it will buy Action Network for $240 million “on a cash and debt-free basis.” The transaction will be completed with cash and the issuance of Better Collective shares, amounting to $12 million, to the management team at Action Network, as well as to “key employees and certain other individuals.” $10 million of the cash payment will be paid based on the settlement of certain existing Action Network share options, although no details of that portion of the transaction were provided.
There were also no specifics on the number of Better Collective shares that are to be issued. This amount is likely still being calculated and will be based on the share price of the media group from April 28. The price that day was $27.17 but rose to $27.47 yesterday following the announcement. Better Collective trades on the Stockholm Stock Exchange.
Action Network to Give Better Collective a Boost
Action Network was originally developed in 2017 and launched a year later. It has a number of media angles it supports, including original sports coverage, premium insights, odds, and “proprietary betting tools and data.” It quickly climbed the ranks and has signed a number of key partnership deals over the past couple of years, allowing it to command a premium on its efforts. According to the press release, the company was expected to have revenue of around $40 million this year, which would be a year-on-year increase of more than 100%. It is also predicted to see positive operational earnings this year.
The company is linked to large sports gambling operators, including FanDuel, DraftKings, BetMGM, and more. With additional states introducing their own legal sports gambling markets, the platform is in a position to capitalize on that expansion easily, and Better Collective is going to benefit greatly from the acquisition. It adds in its press release, as an example of what’s to come following the acquisition, “Action’s diverse revenue model includes a rapidly-growing affiliate marketing business focused on customer acquisition for betting operators in the US as well as subscription products, anchored by Action Pro, Action Labs, and Fantasy Labs.”
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Erik brings his unique writing talents and storytelling flare to cover a wide range of gambling topics. He has written for a number of industry-related publications over the years, providing insight into the constantly evolving world of gaming. A huge sports fan, he especially enjoys football and anything related to sports gambling. Erik is particularly interested in seeing how sports gambling and online gaming are transforming the larger gaming ecosystem.
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