Entain, the UK-based sports betting and gambling company, has expanded its presence in the US by acquiring sports modeling, forecasting, and data analytics firm Angstrom Sports in a deal worth up to £203 million ($266 million).
Under the deal, Entain will pay an initial £81 million, as well as £122 million in additional payments over three years. The purchase is expended to be completed during the third quarter of 2023.
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Angstrom uses simulation-based predictive modeling to offer a range of pricing and forecasting capabilities to sportsbook clients. As a US-based company, Angstrom’s offering covers the most popular competitions and leagues in the country.
Entain said the acquisition will allow it to offer a full in-house suite of end-to-end analytics, risk, and pricing capabilities for its US operators, namely BetMGM, which it runs as a joint venture with MGM Resorts International.
It added the deal will provide a significantly greater number of betting opportunities, helping to deliver margin enhancement over the long term.
Angstrom Sports chief executive Sion Colley said: “We’re excited to join forces with Entain to continue delivering unique and exciting betting opportunities across US sports.
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By GlobalData“Entain shares Angstrom’s passion for innovation and our partnership will enable us to realize our ambitions in bringing best-in-class products and experiences to sports betting customers through Entain’s market-leading global brands.”
Angstrom Sports joins Entain’s other purchases this year, including Polish sportsbook operator STS for £750 million and sports media company 365scores in a deal worth £120 million. In June, the company completed its purchase of Tiidal Gaming NZ, owner of esports betting developer Sportsflare for $9.99 million.
The company’s most popular brands, Ladbrokes, Coral, and Bwin, were also bought through acquisitions, and over the years it has added several betting groups to expand into Canada (Sports Interaction), the Netherlands (BetCity), and other parts of Europe.
Entain chief executive Jette Nygaard-Andersen said: “We are delighted that Angstrom will be joining Entain, enabling us to accelerate the development of the Entain Platform.
“Their next-generation forecasting, pricing, and risk management capabilities will unlock significant opportunities across BetMGM’s US sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering.
"This acquisition will provide our customers with an unrivaled sports betting experience underpinned by enhanced in-house data analytics, a global platform, and market leading brand.”
In May, Entain received approval from the New Zealand Minister for Racing for its major strategic partnership with TAB New Zealand, the monopolistic organization that runs sports betting in New Zealand.
The deal, which was originally announced in March, gives Entain rights to manage TAB New Zealand.
