Ladbrokes owner Entain buys sport media firm 365scores
Entain said it will pay an initial consideration of around 150 million US dollars (approximately £120 million) for the business.
Gambling giant Entain has snapped up sports media firm 365scores in a deal worth up to £128 million.
Entain, which owns betting brands Ladbrokes and Coral, said the acquisition is aimed at improving its interactive content and experience for users.
Shares in the London-listed firm edged higher on Wednesday morning as a result.
The betting and gaming firm said it will pay an initial consideration of around 150 million US dollars (approximately £120 million) for the business.
It will also pay up to £10 million dollars (£8 million) in additional contingency payments linked to performance.
365scores, which was founded in 2012, is a sports media and scores business which provides sport information, editorial and social content across 10 different sports and more than 2,000 competitions around the world.
The acquisition unlocks further growth opportunities and supports our global strategic ambitions
In a statement to shareholders, Entain said: “The combination of 365scores’ deep expertise in data-driven sports media content alongside Entain’s global scale and market-leading platform capabilities will provide customers with a broader offering of interactive content and experiences.
“The acquisition unlocks further growth opportunities and supports our global strategic ambitions.”
Victoria Scholar, head of investment at Interactive Investor, said: “The sports betting and gaming industry is no stranger to inorganic growth.
“But this bolt-on is slightly different, pushing Entain into sports media content, underscoring the importance of data when it comes to targeting new audiences.“Shares in Entain have struggled over the last year, down by 25%, in stark contrast to its rival Flutter which is one of the top performers on the FTSE 100, up around 60%.”