One of the world’s largest legal sports betting companies is bolstering its portfolio of brands.
Entain has agreed to acquire sports forecasting and data analytics company Angstrom Sports in a deal valued at roughly $160 million. The transaction, which is expected to close in Q3 2023, makes Entain the only global gambling operator with a full in-house suite of end-to-end analytics and pricing capabilities for online betting sites in the United States. Entain co-owns BetMGM with MGM Resorts. BetMGM, one of America’s largest sportsbooks, has market access to over 20 states.
“We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform,” said Jette Nygaard-Andersen. “Their next-generation forecasting, pricing, and risk management capabilities will unlock significant opportunities across BetMGM’s U.S. sports betting offering. This acquisition will provide our customers with an unrivaled sports betting experience.”
Entain’s purchase of Angstrom Sports adds to a growing list of acquisitions for the sports betting giant. In January, the company completed its $505-million acquisition of Netherlands-based online sports betting and casino operator BetCity. The deal allows Entain to expand its presence across Europe, particularly in the Netherlands’ newly-regulated sports betting market.
In April, Entain purchased sports media company 365scores in a deal worth up to $160 million. 365scores offers live scores and updates for a slew of sports. Last month, Entain agreed to acquire Polish sports betting company STS Holdings for roughly $980 million. STS — one of Poland's largest bookmakers — also has market access in the United Kingdom and Estonia.
Steady growth
Entain’s recent acquisitions have followed promising financial results. The company generated $5.6 billion in revenue in FY2022 compared to $5 billion for the year prior. In FY2022, BetMGM reported $1.44 billion in net gaming revenue, up from a previous projection of $1.3 billion.
In FY2023, Entain expects net revenue from BetMGM’s operations to reach up to $2 billion.
