Betsson terminates Holland Gaming acquisition deal
Loosening the Grip:
Betsson bids farewell to its planned acquisition of Dutch gaming operator Holland Gaming and its in-house games studio Holland Power Gaming. The Swedish gaming giant had lined up to snatch Holland Gaming Technology and its exclusive games provider Holland Power Gaming for a whopping €27.5 million back in February 2024.
The proposed acquisition aimed to propel Betsson into the regulated Dutch gaming market. However, the Dutch Gambling Authority (KSA) has been taking their sweet time, refusing to make a decision within the permitted timeframe.
Disappointed, Betsson has unraveled the agreement, deciding to return Holland Gaming Technology Ltd and Holland Power Gaming B.V to their original sellers. In doing so, Betsson will pocket €26.7 million, minus a break fee, from Holland Gaming.
The company's statement stated, "Since the Dutch Gambling Authority has not issued a decision by the agreed long-stop date, Betsson has decided to unwind the transaction."
Interestingly, Betsson's shares rose slightly, closing 0.27 higher at SEK186.00 per share in Stockholm on Monday. The unwinding of the acquisition is expected to have little impact on Betsson's overall income.
This unexpected move could pave the way for new opportunities for Betsson. One thing's for sure - they're not backing down from their ambition to conquer the Dutch iGaming market.
Sources:- [1] Betsson (2024, February 14). Betsson to acquire Holland Gaming Technology Ltd and Holland Power Gaming B.V. Retrieved from https://www.betsson.com/investors/news/ Betsson to acquire Holland Gaming Technology Ltd and Holland Power Gaming B.V- [2] (2024, May 23). Betsson terminates the acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V [Press release]. Retrieved from https://www.betsson.com/investors/news/ Betsson terminates the acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V- [3] European Gaming Media and Events (2024, May 23). Betsson terminates the acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V. Retrieved from https://europeangaming.eu/ archive/news/2024/5/ Betsson terminates the acquisition of Holland Gaming Technology Ltd and Holland Power Gaming B.V- [4] Gambling Insider (2024, May 23). Betsson drops plans to acquire Holland Gaming Technology. Retrieved from https://www.gamblinginsider.com/regulation/2024/05/betsson-drops-plans-565945/- [5] iGaming Business (2024, May 23). Betsson terminates Holland Gaming Technology acquisition after long delay. Retrieved from https://www.igamingbusiness. com/ betting/casino/betsson-terminates-holland-gaming-technology-acquisition-long-delay/26297
- Despite the termination of the acquisition of Holland Gaming Technology and Holland Power Gaming, Betsson's business strategy remains focused on expanding in the Dutch iGaming market, demonstrating their unwavering ambition in this sector.
- The recent developments in gaming technology, such as the terminated acquisition of Holland Gaming Technology, could potentially open new avenues for financial growth and growth in other business sectors for Betsson, including the casino industry.
