{"id":225970,"date":"2022-08-11T11:34:57","date_gmt":"2022-08-11T16:34:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=225970"},"modified":"2022-08-11T13:12:36","modified_gmt":"2022-08-11T18:12:36","slug":"entain-sets-its-sights-on-croatia-as-expansion-into-eastern-europe-commences","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/entain-sets-its-sights-on-croatia-as-expansion-into-eastern-europe-commences\/","title":{"rendered":"Entain Sets Its Sights on Croatia as Expansion Into Eastern Europe Commences"},"content":{"rendered":"

Entain already has a strong global presence, but now it’s ramping up its operations in Europe, starting with Croatia.<\/p>\n

\"SuperSport
Executives with Croatian betting operator SuperSport and the Croatian Football Federation meet when the operator became the official sponsor of the Croatian Football Cup last year. Entain is negotiating a deal to buy the company as it eyes expansion in Central and Eastern Europe. (Image: Croatian Football Federation)<\/figcaption><\/figure>\n

As earnings<\/a> continue to increase, Entain recently announced that it will acquire 75% of SuperSport Group, a sports betting and gaming company controlling 54% of the Croatian market. This marks the company\u2019s fifth acquisition so far this year.<\/p>\n

The acquisition will result from a new partnership Entain is forming with Czech Republic-based EMMA Capital, the current owner of SuperSport. The two will create Entain CEE, which will subsequently take over the operator.<\/strong><\/p>\n

The purchase is a lucrative move for Entain, coming off a 20% increase in profit across the first six months of the year. SuperSport\u2019s control of the Croatian market was too strong to be ignored, enticing the Ladbrokes owner to make a move.<\/p>\n

European Gaming a Hot Market<\/h2>\n

The acquisition, however, is just one piece of a larger puzzle. In announcing the deal, Entain added that it will likely serve as a springboard for additional expansion throughout Central and Eastern Europe.<\/p>\n

This bespoke structure will allow Entain to join with further leading local operators through Entain CEE to continue to grow this unique platform across the region<\/strong>,\u201d said Entain\u2019s board about the SuperSport acquisition.<\/p><\/blockquote>\n

Supporting the idea of further expansion in the region, Entain\u2019s board highlighted the presence of a number of strong operators currently providing services. However, it said these have not been able to expand, a problem Entain can help them resolve.<\/p>\n

The cost of Entain\u2019s portion of the purchase is \u20ac690 million (US$712 million) with a drawn-out ROI. Entain stated in its press release that the acquisition will result in \u201cpreliminary cost synergies of \u20ac5 million\u201d (US$5.78 million) a year.<\/p>\n

In addition to the cash payment, Entain could have to offer more money down the road. Provided SuperSport achieves certain financial milestones this year, another \u20ac90 million (US$92.98 million) could change hands.<\/p>\n

Adding EMMA\u2019s financial contributions, the entire deal is worth \u20ac920 million (US$950.54 million). This gives it a transaction multiple of 9.6x of SuperSport\u2019s 2022 EBITDA (earnings before interest, tax, depreciation and amortization).<\/p>\n

Before it can take over, Entain has to secure all the necessary regulatory approvals. However, it expects everything to be in place before the end of the year. In addition, if things go well, Entain has the right to buy out EMMA three years later.<\/p>\n

Entain Gains Strength<\/h2>\n

Entain saw its online gaming revenue slip in the year’s first half, but it made up for it elsewhere. The online segment lost 7%, but its group revenue of \u00a3246.5 million (US$301.34 million) offset the drop.<\/p>\n

\n

The company\u2019s partnership with BetMGM<\/a> is helping. Entain expects the joint venture to report at least $1.3 billion in net gaming revenue at year\u2019s end. Due to that entity\u2019s strong performance, Entain reported a year-on-year increase in operating profit of 175% for the first six months of 2022.<\/p>\n<\/div>\n

In addition, the company reported growth in Australia, Brazil and other markets. As a result, it expects full-year pre-EBITDA earnings of between \u00a3925 and $975 million (US$1.13 billion and $1.19 billion).<\/p>\n

It will also pay out dividends for the first time since 2019. This September, shareholders will receive a total of \u00a350 million (US$61.08 million) at \u00a30.085 (US$0.10) per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

Entain already has a strong global presence, but now it’s ramping up its operations in Europe, starting with Croatia. As earnings continue to increase, Entain recently announced that it will acquire 75% of SuperSport Group, a sports betting and gaming company controlling 54% of the Croatian market. This marks the company\u2019s fifth acquisition so far […]<\/p>\n","protected":false},"author":64,"featured_media":225969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32093,1074],"tags":[82298,82299,81902,81919,81966,80968],"acf":[],"yoast_head":"\nEntain Sets Its Sights on Croatia as Expansion Into Eastern Europe Commences - Casino.org<\/title>\n<meta name=\"description\" content=\"Entain already has a strong global presence, but now it's ramping up its operations in Europe, starting with Croatia. 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