The operator of LottoKings and WinTrillions has received conditional approval from the Canadian Securities Exchange to acquire SVH.
Canada.- Kings Entertainment Group has received conditional approval from the Canadian Securities Exchange (CSE) to proceed with its proposed combination with Sports Venture Holdings (SVH), owner of the Bet99 online sports betting and gaming brand in Canada.
Kings Entertainment, which operates LottoKings and WinTrillions, entered into an agreement to acquire SVH in May. The deal is subject to a series of terms and conditions including CSE and shareholder approvals. Kings has called a shareholder meeting on October 25 with the aim of securing approval.
Bet99 CEO Jared Beber will become the CEO of the merged company, while Kings’ Steve Budin will manage LottoKings operations and act in an advisory role. Adam Arviv, the founder and former CEO of Bragg Gaming Group, will become executive chair of the combined entity.
After the merger goes through, Kings will change its name to Interactive Entertainment Group. SVH is expected to complete brokered financing to support the financial position of the combined business for the next year.
Budin said: “We remain excited to proceed with the previously announced business combination with Bet99 to create Interactive Entertainment Group. Our goal has always been to grow our business organically and through the acquisition of complementary businesses.
“We believe the acquisition of SVH is fully aligned with our business objectives and serves to further bolster our position as a market leader and innovator. Receipt of the CSE conditional approval is an important step forward in the completion of the business combination.
“We now look forward to holding our shareholder meeting on 25 October so that we hear from our shareholders and share our excitement about our future with Bet99. We hope to close this transformational transaction shortly following our shareholder meeting.”
Ontario igaming revenue for first three months hits CA$162m
iGaming Ontario (iGO) hasreleased its first public report of market performance since the Ontario igaming market launched on April 4. The report covers the first full quarter of market operations, ending on June 30. Revenue for the period was CA$162m from wagers of $4bn.
There are 18 operators active across 31 gaming websites and 492,000 active players. Players have spent an average of $113 a month. Operators include US giants such as DraftKings, and Bally Bet, international groups such as Entain and local operators like North Star.