Entain goes Dutch in deal worth £729m

ENTAIN has snapped up Dutch online gambling firm Bet City in a deal worth up to £729m.

The betting giant, which owns Ladbrokes and Coral, is pushing into the Netherlands’ newly regulated online market, where Bet City is one of the biggest players.

Bet City is a sports betting business controlling a fifth of the total market, which became regulated by the Dutch gambling watchdog in October.

Entain said yesterday the market in the Netherlands is ‘highly attractive and fast-growing’ for both sports betting and gaming.

It has also applied for Dutch licences for its sports betting brand Bwin and sports and games brand Party. It said Bet City was ‘highly complementary’ to the pair and it expects the licences to be approved late this year.

Entain will pay £257m in cash for the business when the deal goes through. It will make further payouts based on Bet City’s performance after the takeover which could total a further £472m, taking the deal to £729m.

Entain chief executive Jette Nygaard-Andersen said the Dutch market offers ‘significant opportunities’ to boost the firm’s growth.