Entain, the world’s largest betting company, has paid £250 million for Dutch operator BetCity

Entain has announced the acquisition of BetCity, a Dutch online sports betting business.

The operator announced in a Monday update that it would buy Bet City’s full share capital from Sports Entertainment Media B.V. for an initial consideration of €300 million (£257 million) and a delayed contingent value of up to €550 million (£472 million).

The newly regulated online market in the Netherlands is “very appealing and rapidly developing,” according to the FTSE-100 company, with Bet City achieving rapid growth since its licensing in October 2021.

Entain’s bwin and Party brands, which have yet to get regulatory approval in the Netherlands, are “very complimentary” to the Amsterdam-based company’s offering.

During the second half of 2022, the acquisition is projected to be completed.

“We are happy that BetCity has joined Entain and are intrigued by the tremendous prospects in the newly regulated Dutch market,” stated Entain CEO Jette Nygaard-Andersen.

“By combining BetCity’s local expertise and brand with Entain’s market-leading, customer-focused platform, we will give clients with an even greater experience.” This deal strengthens our growth strategy of operating in regulated markets that are appealing to investors.”