The acquisition of BetEnt, trading as BetCity in the Netherlands, came to $484.2 million. The deal was first announced in June 2022 but took about six months to finalize.
Entain Launches Legal Action Against Former BetEnt Owners Entain Launches Legal Action Against Former BetEnt Owners.Another investigation concerned anti-money laundering (AML) and counter-terrorism financing violations. The KSA began this probe in May 2022, leading to a €3 million ($3.2 million) fine for BetCity.
Entain Launches Legal Action Against Former BetEnt Owners“By these proceedings the Claimant claims damages for breach of warranty and breach of covenant in relation to its purchase of Betent from SEM.”
In November 2022, Entain found out about the KSA investigations involving BetCity. Consequently, Entain and SEM agreed that SEM would cover any fines related to these probes. Entain also reserved the option to make additional claims against the former owners for breaching the warranty.
Entain believes these undisclosed issues should have influenced the acquisition price, leading to a lower purchase price. However, specific details about the company’s claim for damages have yet to be disclosed.
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.