LONDON, June 14, 2022 – Proskauer, a leading international law firm, is pleased to announce its role as adviser to BetEnt B.V. (“BetCity”) in its sale to Entain plc (“Entain”) (LSE: ENT), the leading global sports betting, gaming and interactive entertainment group (“Entain” or the “Group”).
BetCity, which trades under the BetCity.nl name, is one of the Netherlands’ leading online sports betting and gaming operators and was acquired from Sports Entertainment Media B.V. The initial consideration is valued at €300 million with a deferred contingent consideration of up to €550 million.
Headquartered in Amsterdam, BetCity is part of the newly-regulated sports betting Netherlands market. The company received an online sports betting and gaming license from the KSA, the Dutch Gaming and Gambling Authority, in October 2021 and has shown rapid growth, establishing a leading position with 21% market share during the fourth quarter of 2021. The acquisition by Entain will create a strong operator with significant growth opportunities in the highly-attractive and fast-growing Netherlands market.
The Proskauer team was led by partner Tony Downes and included associates Dave Hill and Eleanor Craven (M&A); partner Stephen Pevsner and associate Emma McDonnell (Tax); and trainee associate Daniel Cotter.
We are 800+ lawyers serving clients from 12 offices located in the leading financial and business centers in the Americas, Europe and Asia. For more than 55 years, Proskauer has advised the world’s premier sports organizations on their most critical and complex matters. Our lawyers play a pivotal role in the transactions, negotiations and litigations that are at the leading edge of the business of sports.
Proskauer is at the forefront of the rapid growth of sports betting around the world. We leverage our understanding of the sports business and deep experience in betting and gaming matters to help sports betting operators, leagues, teams and media groups capitalize on this fast-growing sector.