Ladbrokes and Coral owner Entain has announced that it has acquired the SuperSport Group, the leading gambling and sportsbook operator in Croatia in a deal worth €920 million.
Entain will pay €600 million upfront and a further €90 million in 2023
The deal was carried out through a partnership with EMMA Capital, a leading investment firm based in the Czech Republic, to establish a new venture “Entain CEE”. The deal sees Entain own 75% of the economic rights in Entain CEE which will become the outright owner of the SuperSport Group.
Entain’s acquisition of a 75% stake in SuperSport is part of the company’s long-term strategy to target more than 50 regulated markets where it has yet to establish a presence. These markets reportedly have combined gaming revenues of €38.9 billion.
The deal will see Entain pay €600 million in cash upon completion of the deal with a further payment in 2023 which is expected to be around €90 million based on SuperSport’s projected EBITDA (earnings before interest, taxes, depreciation, and amortization) for the year 2022.
EMMA will contribute an initial €200 million with an expected contingent payment of €30 million to be paid in 2023.
Speaking of the deal Jette Nygaard-Anderson, Entain’s CEO, said:
“We are excited to create Entain CEE with EMMA to underpin our strategy across the CEE region, and to be acquiring the leading betting and gaming operator in the highly attractive, fully regulated Croatian market. We see Croatia as an exciting, dynamic country which Entain CEE is perfectly positioned to expand from – we are very much looking forward to growing our business responsibly within the country and the region.
By bringing together Entain’s global expertise and EMMA’s regional investment track record, we are creating a growth platform with considerable opportunity. Expansion across CEE is a core component of our growth strategy, and we look forward to having Radim on board to help drive this opportunity”.
Pavel Horák, EMMA’s Chief Investment Officer, added:
“EMMA is very happy to be partnering with the leading global betting, gaming and interactive entertainment business to unlock the opportunity posed by the CEE betting and gaming market. We see the Entain CEE structure as a clear opportunity for creating value for shareholders, and we look forward to working closely and collaboratively with Entain”.
Radim Haluza, SuperSport’s CEO commented:
“I am looking forward to joining with Entain and further building on the significant opportunity presented in this region. The prospect of leading Entain CEE to drive expansion in fully regulated markets is an exciting opportunity, and EMMA’s investment expertise combined with Entain’s world-class platform will give us the competitive edge in delivering on the CEE opportunity”.
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.