On Monday, September 26, 2022, British Columbia-based Kings Entertainment announced that it had received a boost from the Canadian Securities Exchange for its business combination deal. The gaming provider can now continue its agreement with Bet99 Sportsbook’s parent company and main casino operator – Sports Venture Holdings Inc. or also known as SVH.
Kings Entertainment was established in 2005 and is a global online service provider for lottery, casino and sports betting games. The company is also the parent entity of market-leading brands LottoKings and WinTrillions, which use their ability to attract high-potential players through their industry-leading lottery, casino and sportsbook services.
Obtain required approval
After receiving approval from the Canadian Securities Exchange to proceed with the business combination agreement, Kings Entertainment has called a meeting with its shareholders. It will be held on October 25, 2022 and will aim to obtain shareholder approval for the business combination in accordance with the policies of the CSE, among others.
Steve Budin, CEO of the BC-based company, said the company was happy to move forward with the business combination deal with Bet99 to create an interactive entertainment group. He shared that the company’s goal is to always grow its operations organically and that through the acquisition of SVH, it will be able to build on its business and strengthen its position as a market leader and innovator.
Budin noted that receiving conditional approval from the CSE is a major milestone for finalizing the trade deal. He also noted that the team is now hurry at the shareholders’ meeting in October, where they will hear shareholder feedback and share the excitement of a joint future with the leading Bet99 brand.
He hopes the transformational transaction can be finalized shortly after the shareholders’ meeting next month. He also revealed that in preparation, the company has already sent a management information circular of September 24, 2022. In the meantime, the record date for calling and voting at the Meeting has been set for September 16, 2022. The deal has also been unanimously approved by its board of directors.
Strong performance in 2022
2022 has been quite successful for Kings Entertainment so far. For May 2022, the company reported an increase in customer registrations and customer number deposits through its flagship lottery brands – WinTrillions and LottoKings. For the month, seen approximately 13,000 new registrations on its platforms as well as 1466 new depositors compared to the previous month.
Next, July also proved to be quite prolific for the BC gaming leader as it reported a significant increase in active customers and lottery revenue. In said month, lottery sales were up 18% from June, with WinTrillions and Lotto Kings both racking up the jackpot. C$446,126while the total number of active customers increased by 9%.
Source: “Kings Entertainment Receives Conditional CSE Approval to Proceed with Acquisition of Parent Company of Sportsbook and Casino Operator Bet99, Calls Meeting of Shareholders to Approve Acquisition and Refiles Statements second quarter 2022 interim financial statements” GlobeNewswireSeptember 26, 2022