The board of Betsson AB has disclosed this morning that it has secured definitive terms to acquire Belgium sportsbook and casino brand betFIRST in a €120m [$131m] cash offer.
Deal terms have been agreed with betFIRST Group, as Betsson AB takes a podium position in the Belgium igaming marketplace.
The up-front consideration for the acquisition is set at €117m, which is to be paid in cash. An additional €3m will be paid out by Betsson as earnout incentives, should certain agreed financial targets be reached.
Established in 2011, betFIRST has been a leader in Belgium’s regulated online gaming market. In its last financial year ending on 31st December 2022, betFIRST reported net gaming revenue of €51m and an adjusted EBITDA of €10m.
