Betsson acquires start-sup Slapshot Media Inc
Betsson Perch Investments AB, a subsidiary of Betsson AB (publ), has acquired 28% of the shares in Canadian start-up Slapshot Media Inc for the purchase price of CAD 3 million (€2m). The company says that this investment is in line with Betsson’s strategy of partnering locally in order to position itself in locally regulated markets and markets soon to be regulated.
Betsson Perch Investments AB has acquired 28 percent of the shares in Slapshot Media Inc for the price of 3 million Canadian Dollars.
With this acquisition, Betsson positions itself locally for the Canadian market, where regulation is being defined. The online gambling market is undergoing major changes with the introduction of regulations in the online gambling industry in Canada.
Betsson will have various call options to scale up the shareholding to 70 percent in the company (for maximum price of CAD 25 million, approx. SEK 173 million) over time in line with introduction of provincial regulations for online gaming.
About Slapshot Media Inc
Slapshot Media Inc is a Canadian company that specialises in creating localised sports content and provides marketing and managed services to the online gaming market in Canada. They will work exclusively with Betsson in order to build the presence of the Betsson Group in the upcoming regulation in the Canadian market.
“This investment is another step forward in Betsson’s continued ambitions to grow in the North American market. The Canadian market represents a great opportunity for Betsson to increase the share of revenues from regulated markets. The local know-how and experience that the founders of Slapshot Media Inc possess will position Betsson well on the upcoming regulation of the Canadian market”, comments Pontus Lindwall, CEO of Betsson AB.
Safe and Regulated Sports Betting Act
In June this year, the Canadian Senate has approved the Bill C-218, the Safe and Regulated Sports Betting Act, permitting provinces to regulate single-game sports betting in Canada. The Act was approved by the Senate on its third reading on June 22, 2021.
Sports betting in Canada is currently limited to parlay (multiple events on the same ticket) offerings only. The Ontario is the first province to introduce a licensing regime for online gambling that is expected to come into effect in 2022. Ontario, second largest province of Canada is estimated to reach CAD 1 billion by 2022.