Entering a new market
Aspire Global is expanding into the sports betting space, acquiring sports betting technology provider BtoBet in a deal initially worth €20m ($23.7m). The iGaming solutions company tweeted out the news of the acquisition on Thursday:
As part of the agreement, Aspire will make a €15m ($17.77m) cash payment following finalization of the deal, with another €5m ($5.9m) coming 12 months after the deal is completed.
expected to close in the fourth quarter of 2020
Depending on the performance of BtoBet over the next two years, Aspire may pay additional consideration. Two years after the deal closes, Aspire will pay seven times BtoBet’s earnings before interest and taxes, less the original the €20m ($5.9m). The deal is expected to close in the fourth quarter of 2020.
A global presence
As a result of the acquisition, Aspire chief executive Tsachi Maimon notes that the business will now have a presence in all major aspects of the online gambling space.?He said: “This is a perfect match. We are impressed by the qualities of the Neuron Sports platform and in addition we will get access to new growth markets, new potential big deals and new opportunities.”
Perfect partners
For the first half of 2020, BtoBet’s revenue was €3.1m ($3.67m), with an EBITDA of €1.2m ($1.4m). This compares to revenue of €4.4m ($5.2m) for the whole of last year.
The sports betting supplier has deals in place with 32 operators across Europe, Latin America, and Africa, with a particularly strong presence in the latter two markets. Aspire’s main footprint is in North America and Europe. The company’s revenue for the first half of 2020 was €77.4m ($92m), a 17.4% year-on-year rise.
we will take this new global igaming offering in every corner of the earth”
BtoBet founder Alessandro Fried spoke about how Aspire is the perfect partner, with the two companies having a matching vision. He said: “With our joined forces we will take this new global igaming offering in every corner of the earth.”
Previous deals
In 2019, Aspire acquired the studio and games aggregator business of Pariplay in a deal worth €13.1m ($15.5m). This gave Aspire an inroad in the US last year thanks to Pariplay’s partnership deal with 888 Holdings in New Jersey.
Aspire recently partnered with European gambling operator BetVictor and Caliente in Mexico. It also has online casino deals in Switzerland, with plans to expand its presence in the US market.