Entain's Acquisition of Sportsflare: A Strategic Move into Esports Betting
Entain, a prominent player in the iGaming industry, has finalized its acquisition of Tiidal Gaming NZ, the parent company of esports betting developer Sportsflare, for a sum of CA$13.2 million (£7.9m/€9.2m/US$9.9m).
By incorporating Sportsflare into its portfolio, Entain is poised to expand its offerings with a range of popular betting products tailored for esports enthusiasts. This includes a unique bet builder, touted by Sportsflare as the sole solution of its kind for esports, along with micro-markets and a platform for gamers to wager on their own performance.
The transaction, negotiated in March, entails the acquisition of all issued and outstanding shares in Sportsflare by Entain. Tiidal, the parent company, will retain the purchase price for a period of 180 days, during which it can utilize the funds for working capital adjustments. Additionally, Tiidal has the option to access 20% of the funds at any given time to cover reasonable expenses related to the deal.
Upon the deal's conclusion, Tiidal awarded 2,500,000 restricted share units to its CEO as part of his employment agreement, while 1,910,700 common shares were issued to Sportsflare personnel. Following these allocations, Tiidal boasts 87,603,908 shares issued and outstanding.
Thomas Hearne, CEO of Tiidal, expressed optimism about the acquisition, stating that Sportsflare aligns well with Entain's established presence in the industry and will create value for Tiidal shareholders.
This move reflects Entain's strategic foray into the esports domain, complementing its recent initiatives in this space. In December of the previous year, Entain relaunched Unikrn, an esports betting brand it acquired in October 2021, integrating Unikrn's technology and betting platform into its operations. The company aims to expand Unikrn into other regulated markets in the near future.
March of this year saw Unikrn entering into a multi-year partnership with Blast, another esports entertainment entity. As per the agreement, Unikrn is set to feature prominently in Blast's event coverage and promotional activities.
Entain's expansion strategy also encompasses investments in disruptive technologies through its innovation hub, Ennovate. With a focus on virtual reality and blockchain solutions, Ennovate plans to allocate £40 million to UK businesses out of a total investment of £100 million.
Furthermore, Entain continues to bolster its real-money gaming business through strategic regional acquisitions. Recent endeavors include BetCity in the Netherlands, Enlabs in the Baltics, and Croatia's SuperSport in Eastern Europe. Collaborating with Czech investment fund Emma Capital, Entain aims to pursue further opportunities in the region.
Entain's recent updates on its M&A activities include a 25-year partnership with Tab NZ and plans to acquire affiliate 365scores, underscoring the company's commitment to expanding its global footprint and diversifying its offerings in the dynamic iGaming landscape.
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Great to see Entain investing in disruptive technologies like esports betting. This acquisition of Sportsflare shows their forward-thinking approach to staying relevant in the ever-evolving iGaming industry. Kudos to the team!
Wow, Entain is really making waves in the esports sector! The addition of Sportsflare's unique betting solutions will surely attract a whole new audience to their platform. Can't wait to try out these new features!
Interesting to see Entain's strategic expansion into esports. This acquisition of Sportsflare seems like a smart move to tap into the growing market of esports enthusiasts. Exciting times ahead for both companies!
Impressive move by Entain! With the rise of esports betting, acquiring Sportsflare puts them ahead of the curve. Looking forward to seeing the integration of these new betting products into their platform.
Exciting news from Entain! This acquisition of Sportsflare demonstrates their commitment to innovation in the esports betting space. Can't wait to see how these new features enhance the overall gaming experience.