BetFirst, a Belgian operator of sports wagering and gambling, was acquired by Betsson AB for a total of €120 million ($130 million). A portion of this sum of up to €3 million represents an earnout payment due in currency only upon the fulfilment of specific conditions.
The initial consideration for the acquisition is equivalent to a multiple of ten times the anticipated EBITDA of BetFirst for its fiscal year 2023.
During its most recent fiscal year, which concluded on December 31, 2022, BetFirst generated €10.0 million in adjusted EBITDA and €51.2 million in net gambling revenue.
A new partnership between Betsson and the French casino operator Groupe Partouche will result in the development of a localised online casino product.
Additionally, Groupe Partouche operates and owns offline casinos in France, Switzerland, and Belgium. Additionally, this licence is valid for the operation of online casinos. In 2023, the online casino service will be made available in Belgium.
"We are extremely enthusiastic about entering the Belgian market with our partners Groupe Partouche, and we see a strong strategic fit in the acquisition of BetFirst," said Pontus Lindwall, CEO and President of Betsson AB.
"Betsson's growth strategy is centred on expanding our market reach into untapped regions, with a specific focus on markets that are currently or will soon be subject to local regulation." Our operations are designed to be easily expanded, and these endeavours will gradually increase our income and fortify our profitability.
Betsson has appointed Lazard as its financial advisor and Gernandt & Danielsson as its principal legal counsel in relation to the acquisition. Van Bael & Bellis and Edson Legal have been retained as counsel in Belgium.
