Betsson invests in a strategic venture with Slapshot Media
Betsson Perch Investments AB, a subsidiary of Betsson AB, has acquired 28% of the shares in Canadian start-up Slapshot Media Inc for the purchase price of CAD 3 million (SEK 21 million). The 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, a subsidiary of Betsson AB (publ), has acquired 28 percent of the shares in Slapshot Media Inc for the price of CAD 3 million. Through this investment, Betsson positions itself locally for the Canadian market, where regulation is imminent. 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.
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. Slapshot Media Inc will work exclusively with Betsson 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.
The Canadian online gambling market is undergoing significant changes through the introduction of provincial regulations. On June 23 this year, the Canadian Senate approved the Bill C-218, the Safe and Regulated Sports Betting Act, permitting provinces to regulate single-game sports betting in Canada. Sports betting in Canada is currently limited to parlay offerings only. Ontario is the first province to introduce a licensing regime for online gambling that is expected to come into effect in 2022. The Ontario market alone is estimated to reach CAD 1 billion by 2022.