Parent company of the Canadian online sports betting and casino brand, Bet99 has entered into a lucrative merger deal with Kings Entertainment Group.
Sports Venture Holdings (SVH) will incorporate Kings Entertainment into its brand and the two will operate as a united business.
The next step is for the Canadian Securities Exchange to give its approval to the deal, while shareholders will also need to vote in favor. While this process is in motion, Kings Entertainment shares will be halted on the stock exchange.
If all goes according to plan, there will be a shakeup at executive level:
- Bet99 chief executive, Jared Beber, will become CEO of the merged entity.
- Kings Entertainment CEO, Steve Budin, will lead its LottoKings operations.
- Founder and former CEO of Bragg Gaming Group will become executive chair of the merged entity.
Said Jared Beber:
“Merging with an internationally recognized online betting veteran such as Kings is a natural next step for SVH. Bringing the Bet99 brand to the public capital markets, through Kings’ CSE and OTC listings, will not only support expansion by engaging a much broader investor base, but will also build the Bet99 brand with an even wider audience of betting enthusiasts.”
Steve Budin added that the merger would be “transformative for the Canadian sports betting sector.”