Entain, a global sports betting and gaming company, has confirmed the acquisition of Angstrom Sports, a company specializing in the provision of next-gen sports modeling, forecasting and data analytics.
Under the agreement, first announced in July this year, Entain will pay an initial consideration of $98.5 million for the acquisition. Additional payments totaling up to $148 million will be provided to Angstrom Sports over the next three years.
According to Entain, the acquisition of Angstrom Sports is an important move that will solidify the former company’s position in the market, cementing it as “the only global operator with highly sophisticated in-house forecasting, analytics, risk and pricing capabilities for US Sports betting markets.”
Entain, which remains focused on exploring opportunities in the US region, will thus be able to leverage its capabilities and market-leading platform to provide local customers with “unrivaled betting experiences.” The company also vowed to continue its differentiation journey, providing fans with betting products they cannot find anywhere else.
Entain Will Unlock Significant Opportunities
The acquisition of Angstrom Sports was welcomed by Entain’s chief executive officer, Jette Nygaard-Andersen. She welcomed Angstrom to the Entain family, saying that this acquisition is certain to accelerate the development of the Entain Platform.
The addition of more products to Entain’s already rich library will “unlock significant opportunities” for the company, Nygaard-Andersen noted.
Angstrom’s proprietary next-generation capabilities will unlock significant opportunities, particularly for our US sports betting offering through BetMGM. We look forward to working closely with the Angstrom team and are excited to provide our customers with an unrivaled sports betting experience.
Jette Nygaard-Andersen, CEO, Entain
Back when the deal was announced, Sion Colley, Angstrom Sports’ CEO, said that the company is delighted to team up with Entain and supercharge the company’s offering in the US. Colley noted that Entain and Angstrom Sports share the same values and ambitions to engage customers with unparalleled experiences.
Entain Is Facing Certain Difficulties
In other news, Entain was recently hit by regulatory headwinds, reporting challenges in the online sector, especially in the UK market. The trouble will have a certain impact on the company and its financial results but the leadership remains optimistic about Entain’s business in the long run.
A month earlier, Entain Australia tried to realign itself with the evolving market dynamics and resorted to substantial layoffs. The cuts reflected Entain’s efforts to restructure its business and spanned various departments including customer service, digital, technology, and marketing.