ShareEntain has placed a $1 billion bid to takeover Baltic gambling company Olympic Entertainment Group. The partypoker owner, formerly GVC Holdings, made the indicative offer last month to take the reins of one of the few remaining assets of London-based private equity firm Novalpina Capital.
NBA Partner
The offer from Entain includes an upfront payment to immediately take control of OEG’s online businesses in Lithuania and Croatia, with a performance related payment possible in 2023. A further option to buy the remaining operations is reportedly being sought for early 2023.OEG is currently a partner for the NBA and business was booming, but matters became complicated following the collapse of Novalpina Capital earlier this year. Investors are now looking to push the sale through to recoup their investment with a profit.
If a deal can be done it will further solidify Entain’s status as one of the world’s gambling behemoths. OEG runs operations under the OlyBet and MaxBet brands and claims to run more than 100 casinos including the Olympic Voodoo Casino in Riga, Latvia.
Business as Usual for Entain
After rebuffing two takeover attempts of its own assets during 2021, Entain is proving that it is business as usual. Its strategy of acquiring businesses in the gambling world still continues even after being offered $11 billion by MGM Resorts and $22.4 billion by DraftKings. Already owning brands such as Ladbrokes, BWin and Coral, who knows how much the company could grow over the coming years.Playtech, another big player in the industry, looks to be the next target of firms with money to burn. With several interested parties there could soon be a bidding war for the gaming software developer as the current pattern of consolidation in the betting space continues.
