BDO has provided buy-side diligence services to Entain plc on the acquisition of BetEnt B.V., which trades as BetCity.nl for an initial consideration of €300m and deferred contingent consideration of up to €550m.
BetCity is one of the Netherlands' leading online sports betting and gaming operators. BetCity received an online sports betting and gaming licence from the KSA, the Dutch Gaming and Gambling Authority, in October 2021. The newly regulated Netherlands online market is highly attractive and fast-growing across both sports betting and gaming. The acquisition will create a strong market operator with significant growth opportunities, in line with Entain plc's strategy. BetCity's offering is highly complementary to Entain's bwin and Party brands which are awaiting approval for a licence to operate in the Netherlands.