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Entain buys Canada online betting firm Avid Gaming for CAD300 million

Mon, 07th Feb 2022 17:22

(Alliance News) - Ladbrokes owner Entain PLC on Monday said it has struck a deal to acquire Deis Ltd, an online sports brand in Canada.

Entain will pay CAD300 million, about GBP174 million, to acquire Deis, which is also known as Avid Gaming.

"Avid Gaming owns Sports Interaction, Canada's leading online sports betting brand," Entain said.

Avid is Jersey-based but has offices in Ireland and also the Mohawk Territory of Kahnawe:ke, Canada.

"Canada is a highly attractive and fast-growing sports betting and gaming market. Together with Entain's application for an Ontario licence, this acquisition provides an excellent opportunity to drive further growth, in line with the group's growth and sustainability strategy," Entain added.

The tie-up is expected to provide CAD15 million worth of synergies in 2023.

Entain shares rose 2.3% to 1,608.30 pence each in London on Monday.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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