July 17 (Reuters) – Ladbrokes owner Entain (ENT.L) on Monday agreed to acquire US-based Angstrom Sports for a potential consideration of up to £203m ($266m) as it expands its footprint in the country wants to increase.
The acquisition of the sports modeling, forecasting and data analytics company includes total consideration of £81 million and contingent payments of £122 million over three years, the company said in a statement.
“Their next-generation forecasting, pricing and risk management capabilities will provide significant opportunities in BetMGM’s US sports betting offerings, particularly in the fast-growing markets of parlay and in-play betting,” said Chief Executive Officer Jette Nygaard-Andersen.
BetMGM is Entain’s joint venture with MGM Resorts (MGM.N).
Over the years, Entain has added several gambling groups to its portfolio to expand into Canada, the Netherlands and other parts of Europe.
The company’s most popular brands, Ladbrokes, Coral and bwin, were acquired through acquisitions.
The acquisition of Angstrom is expected to close in the third quarter of 2023.
Shares of Entain rose nearly 1% in early trading.
($1 = 0.7651 pounds)
(This story has been corrected to set the deal value at a maximum of 203 million pounds ($266 million), not 122 million pounds ($160 million) in the headline and paragraph 1, and to clarify the breakup of the deal value in paragraph 2 )
Reporting by Radhika Anilkumar in Bengaluru; Edited by Dhanya Ann Thoppil
Our standards: The Thomson Reuters Principles of Trust.