Betsson Perch Investments AB, a subsidiary of Betsson AB, has purchased a 28 per cent stake in Canadian start-up Slapshot Media Inc, CAD3 million (€2.03 million), it has revealed.
Announcing the investment, Betsson explained that the investment is in line with its strategy of partnering locally in order to position itself in locally regulated markets and those soon to be regulated.
Via the investment, the company will also have various options to scale up its shareholding in the company, up to a maximum of 70 per cent for a value of CAD 25 million (€16.9 million) over time.
Slapshot Media is a Canadian business specialising in creating localised sports content and providing market and managed services to the iGaming market in Canada. It will be working exclusively with Betsson in order to build its presence as the Canadian market is set to be regulated.
“This investment is another step forward in Betsson’s continued ambitions to grow in the North American market. The Canadian market represents a great opportunity for Betsson to increase the share of revenues from regulated markets.
“The local know-how and experience that the founders of Slapshot Media Inc possess will position Betsson well on the regulation of the Canadian market”, commented Pontus Lindwall, CEO of Betsson AB.
The Canadian online gambling market is undergoing significant changes through the introduction of provincial regulations. On 23rd June, the Canadian approved Bill permitting provinces to regulate single-game sports betting, which is currently limited to parlay offerings only.
Ontario is the first province to introduce a licensing regime for online gambling, which is expected to come into effect in 2022. This market alone is expected to reach CAD1 billion by 2022, according to Betsson.
The acquisition marked the second international investment announced by the company in two days, as only the day before it unveiled its acquisition of South American company Inkabet.
VentureMax CEO Justin Anastasi reveals bold plans to support innovative tech projects in 2024
Online betting is now more popular than ever, and all across Europe, users can sign up to licensed and trusted betting sites in Malta