One of the markets it is looking at is Ontario. Here, Bet99 recently received approval from the Alcohol and Gaming Commission of Ontario (AGCO). Therefore, Kings will get a chance to work with this market once full approval comes through. Ontario is one of the most energetic markets in Canada when it comes to betting.
One More Hurdle
Kings has one more hurdle in its quest to own Bet99, the shareholders. As per the Canadian rules, a company that plans to merge with others must get shareholder approval and give the nod to finalise the process. There is a planned shareholder meeting on October 25, 2022, where the parent company will be seeking shareholder approval to continue with the process. If shareholders vote in its favor, the merger with Kings could be finalised in a few weeks.
According to the CEO of Kings Entertainment, Steve Buding, the shareholders’ meeting will be a chance for the company to share its excitement with the shareholders as it shows them the value of joining hands with Bet99. He hopes that the shareholders will agree to the company’s proposal and allow the process to be completed.
Details of the New Company
If these two companies get approval from their respective shareholders, they are going to change the names and do some rebranding. The new company will be called Interactive Entertainment Group (IEG). The new company will take care of the interests of the two organisations and deliver a new face to online casino gambling in the country.
It is expected that it will have a distinct online presence from its predecessors, with both firms reinventing their sites to reflect on the change. Thanks to relaxed rules and a favourable gaming environment, Canada remains one of the most prolific gambling countries in the Americas. A merger of this size is likely to enhance the entrant’s grip of the market and gain a huge customer base. Given that it is not easy for the company to get all the licences across Canadian provinces, a merger is the best way to gain a foothold in these areas.
For more news and deals, visit our news section.