Swedish online gaming company Betsson AB has announced that it has acquired a 35% stake in Strive Platform Ltd in a deal worth €5.4 million ($6.5m). The agreement also includes an option to increase its shareholding by another 5% following Betsson’s US launch set to take place in the second half of 2021.
The acquisition follows a partnership deal agreed with igaming developer TG Lab in Q4 of 2020 and will grant Betsson access to TG Lab’s player account management (PAM) system. Since that deal was agreed, TG Lab has created its North American-based Strive platform which will manage the developer’s PAM system in the United States.
As part of the shares acquisition, Betsson will become Strive’s first integrated sportsbook with a view to broadening customer offerings and making Betsson’s standalone sportsbook more attractive to US bettors.
Speaking of the new deal, Pontus Lindwall, CEO of Betsson AB said:
“This investment is another important milestone in our US entry. The investment will support our B2C launch with the Betsafe brand in Colorado as well as broaden Betsson’s offering to the US market.
The US market has a limited number of PAMs and sportsbooks that are truly set up for the multi-state regulatory environment and scale. This investment brings together two high quality independent iGaming technologies for the US market”
The acquisition, carried out by Betsson Perch Investments AB, also grants Strive a convertible shareholder loan facility of €2.1 million ($2.5m).
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.