The international online service provider for lottery, casino, and sportsbook gambling, Kings Entertainment Group, announced a new combination agreement with Sports Venture Holdings (SVH).
Kings Entertainment to Merge with Sports Venture Holdings
Announced on Wednesday and dated May 24, 2022, the merger will see Kings Entertainment combine with SVH, the holding company that operates one of the largest casino and online sports betting brands for players in Canada, Bet99. The recent business combination agreement marks the first step in a process that is expected to be completed later this year. It’s important to mention that the combination is subject to regulatory approval from the Canadian Securities Exchange (CSE), as well as approval from shareholders.
Once the merger is completed, Jared Beber, Bet99’s current CEO, is expected to take the role of CEO of the new company. On the other hand, Steve Budin, King Entertainment’s CEO, will spearhead LottoKings’ operations. He will also be serving as an advisor. The executive chair of the merged company is expected to be Adam Arviv, the former CEO and founder of Bragg Gaming, the leading gaming giant.
It was back in 2020 when Bet99 first launch its operations. Since then, the brand grew its presence significantly in Canada. Moreover, catering to the Canadian market, Bet99 continues to offer new products and innovative solutions. From its launch to date, Bet99 handled more than $1.2 billion in bets via its online casino and sportsbook operations.
The Deal Will Help Transform the Canadian Sports Betting Market
Beber deemed the combination with Kings Entertainment “a natural step for SVH.” He added: “Bringing the Bet99 brand to the public capital markets, through Kings’ CSE and OTC listings, will not only support expansion by engaging a much broader investor base, but will also build the Bet99 brand with an even wider audience of betting enthusiasts.”
“The combination of Kings Entertainment, a company led by pioneers of the international online sports gambling industry, and SVH, the parent company of operators of the market-leading Bet99 brand, will be transformative for the Canadian sports betting sector.”Steve Budin, CEO at Kings Entertainment
Budin added that the merger will be transformative for the sports betting industry in Canada. He pointed out that gaining a leadership position within regulated jurisdictions has been a long-term goal for Kings Entertainment. Now, according to Budin, the merger will “certainly accelerate that goal within the Canadian landscape and beyond.”