iGaming company Novibet has announced that it will go public via a $625 million (€565.2 million) merger with Artemis Strategic Investment Corporation.
The joint press release revealed that, as a result of the merger, Artemis will become a wholly owned subsidiary of Novibet. Once the deal is completed, Artemis founders and existing Novibet shareholders will own approximately 75% of the merged company.
We see a significant growth opportunity in North America as our planned launch of operations in the U.S., Canada and Mexico will significantly grow our TAM
Novibet is currently licensed to operate in four regulated markets — Ireland, Italy, Malta, and Greece. The company plans to use the proceeds from the merger to implement a “multi-pronged growth strategy” that will see it expand into North American and Latin American markets.
According to the releases, the company also has its sights set on strengthening its presence in its existing European markets while entering new ones such as the Netherlands, Belgium, France, Germany, Hungary, Romania, Sweden, and Spain.
Speaking of the merger, George Athanasopoulos, Chief Executive Officer of Novibet said:
“Novibet has always focused on generating revenue growth that delivers positive cash flow. As we move closer to launching in additional markets where we can leverage our product and technology advantages, that focus will not waver. Our proposed combination with Artemis will enable us to both accelerate growth in our existing markets and efficiently enter newer markets. We see a significant growth opportunity in North America as our planned launch of operations in the U.S., Canada and Mexico will significantly grow our TAM with our expected initial market access agreements for seven states enabling us to reach 14% of the U.S. population.”
Holly Gagnon, Chairperson and Co-Chief Executive Officer of Artemis added:
“Novibet has a strong record of success developing a superior technical platform to address the global iGaming opportunity in a manner that delivers profitable financial performance and positive cash flow. This record, combined with its demonstrated ability to successfully and profitably enter new markets as well as the significant opportunity to leverage its competitive advantages in new markets, including in North America, aligns with our original investment thesis and makes Novibet an ideal partner for Artemis,”
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.