In addition, the top management will include other key figures like Adam Arviv, the founder and former CEO of Bragg Gaming. Adam will serve as the executive chair. He is credited with changing the fortunes of Bragg by eliminating the £50 million debt that dogged the firm and going further to make a profit of £45 million in hard cash. Arviv is also an experienced gaming executive who knows the nooks and loops of the industry.
According to Kings Entertainment, Steve Budin, the combining of two gambling greats, one a pioneer of international online sports and the other a parent of the industry-leading Bet99 brand, is going to transform the Canadian sports betting and new online casino market and offer leadership in the industry. He added to say that it has always been the desire of Kings Entertainment to build leadership positions in every regulated market it enters, and its agreement with SVH is going to accelerate the firm’s movement towards that direction.
Details of the Merger
After the completion of the agreement, each company will call its shareholders to ratify it. If shareholders approve the merger, the proposal will be sent to the Canadian Securities Exchange for approval and final nod. Early in the year, Kings Entertainment was listed on the Canadian Securities Exchange under the ticker JKPT. This was aimed at engaging and attracting investors from around the globe while popularising gambling at this casino and sports betting.
For his part, SVH CEO Jared Beber said that joining hands with an internally reputed online gaming giant like Kings was a natural step for the firm. He added by saying that the act of bringing the Bet99 brand onto the capital markets listing through OTC and CSE listings by Kings will support its expansion by engaging an investor base much broader than what the company can reach on its own. It will also enable the Bet99 brand to reach a wide audience that is interested in betting.
Bet99 was established in 2020 as a premier Canadian online casino and sportsbook. The brand continues to offer a diverse gaming product range tailored to the needs of Canadian gamers. In a short time, the casino has handled over £1.2 billion worth of bets.