Kings Entertainment Group, which operates LottoKings and WinTrillions, has entered into a commercial merger agreement with Sports Venture Holdings (SVH), the parent company of Canadian online sports betting and casino brand Bet99.
Under the agreement, Kings Entertainment will merge with SVH and operate as a single business.
The transaction is subject to a number of conditions, including shareholder approval and Canadian Securities Exchange (CSE) approval. Trading in Kings Entertainment common stock on the CSE will be suspended during the approval process.
If the deal goes through, current Bet99 CEO Jared Beber will become CEO of the combined business, while Kings Entertainment CEO Steve Budin will continue to lead LottoKings group operations and act as an advisor.
In addition, Adam Arviv, founder and former CEO of Bragg Gaming Group, will serve as executive chairman of the combined company.
“The merger of Kings Entertainment, a company led by pioneers in the international online gambling industry, and SVH, the parent company of market leading brand operators Bet99, will transform the Canadian sports betting sector,” Budin said.
“Our vision for Kings has always been to be at the forefront of every regulated jurisdiction we enter, and this agreement will certainly accelerate that goal in Canada and beyond.”
Beber added: “Merging with globally recognized online betting veterans like Kings is a natural next step for SVH.
“Bringing the Bet99 brand to the public capital markets through the Kings CSE and OTC listings will not only support expansion by attracting a much wider investor base, but will also create the Bet99 brand with an even wider betting audience.”