The world’s largest sports betting firm – Entain – has snapped up lucrative sports betting operator Avid Gaming in a massive $230m deal.
Avid Gaming is the sports betting powerhouse behind the rapidly-growing Sports Interaction brand, and the move represents a strategic expansion into the Canadian marketspace.
Entain CEO Jette Nygaard-Andersen discussed the decision to focus on Canadian markets in comments to the press.
“Sports Interaction is the leading Canadian Sports Betting and iGaming brand and is aligned perfectly with our own ambitions of great customer service and ambitious growth,” explained the CEO.
“Coupled with an unwavering commitment to sustainability.”
The Mohawks of Kahnawá:ke – part of the Mohawk First Nation – form the keystone of the deal.
Sports Interaction is an exclusive leaseholder for the Mohawk Council of Kahnawá:ke, and operates from the community’s offices in Kahnawá:ke, Ireland, and Jersey.
As the exclusive leaseholder, the brand plays a central role in supporting the cultural, language, education, and healthcare services for the Mohawks of Kahnawá:ke community – with members of the tribe comprising more than half the staff.
To secure the takeover move, FTSE 100 listed Entain has agreed to continue these support programs.
But the move is likely to pay off, Sports Interaction has seen impressive growth with a 40% year-on-year increase in revenue last year.
Kahsennenhawe Sky-Deer – Grand Chief of the Mohawk Council of Kahnawá:ke – supported the move which is expected to drive rapid scaling for the business.
“[Entain is a] world class operator with a genuine desire to positively contribute to the communities in which it operates,” said Sky-Deer.
“This new partnership between Entain and Mohawks of Kahnawá:ke is mutually beneficial.
“And brings with it prime opportunity for the bolstering of our self-sufficiency through the continuing success of Sports Interaction.”
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