As expected, by the end of the third quarter this year, Kings Entertainment will go ahead with its proposed merger with Sports Venture Holdings (SVH) to operate as a single business after securing conditional approval from the Canadian Securities Exchange
Kings Entertainment was established in 2005 as a lottery messenger and insurance service and transitioned into casino gaming. Since 2017, it has been recording over 100K sign-ups each month with net revenue last year of US$5.9 million. The success of the company’s growth is partly due to its expertise in lottery and casino offerings by partnering with the most innovative gaming technology companies. Their professional management team boasts more than 60 years of combined gaming experience. Organic growth for Kings Entertainment will occur with more strategic M&A and the reduction of ‘bricks and mortar’ to a stronger online presence, the company has said.
Sports Venture Holdings (SVH) is a Canadian online sports betting and casino brand made up of subsidiaries that operate amongst others Bet99.
Bet99 CEO Jared Beber will serve as the new CEO of the merged entity expected to be called Interactive Entertainment Group and Steve Budin, CEO of Kings Entertainment will assume an advisory role.
Kings Entertainment describe this deal as transformative for the Canadian gaming sector and the merger will lead the new entity to a broader range of investors.
This deal is expected to be closed following a shareholder meeting on 25th October.
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