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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

M&A

Kings Entertainment iGaming subsidiary gets permission to operate in Ontario

BET99.ca is anticipated to launch in Ontario after the ink dries on an operating agreement with iGaming Ontario.

Kings
Photo by Michał Parzuchowski on Unsplash

Sports Venture Holdings, owner of the Bet99 brand and subsidiary of Kings Entertainment (CSE:JKPT) (OTC:JKPTF), announced that SVH’s numbered subsidiary (CanCo) has been given the nod by the Alcohol Gaming Commission of Ontario (AGCO) to register as an internet gaming operator.

BET99.ca is anticipated to launch in Ontario after the ink dries on an operating agreement with iGaming Ontario. CanCo operates and markets Bet99.ca to residents in Ontario already.

“Receipt of our license as a regulated gaming operator with the AGCO is an important milestone for SVH and the BET99 brand. Ontario is a key market within the emerging Canadian online sports betting and casino space and as the sports betting season heats up with summer sports peaking and the football, hockey, and basketball seasons getting started shortly, this is perfect timing for us to hit the ground running,” said Jared Beber, CEO of Sports Venture Holdings.

Kings Entertainment has been around since 2005 as an international online service provider for lottery, casino and sportsbook offerings, and also as a parent company of global online gaming products, LottoKings and WinTrillions. Kings acquired SVH in May of 2022 to continue acting as a holding company of subsidiaries operating the BET99 brand. The SVH Swiss subsidiary BQC Consulting GmbH, runs both the .com and .net versions of BET99. In Canada, BET99.net is registered as a completely pure free-play website.

What BET99 does is offer local options in the creation of a premiere online sportsbook and casino. It’s been around since 2020 and focused on offering a diverse product and service for the Canadian market. It sports an interesting mix of unique partnerships, including with UFC legend Georges-St-Pierre, NHL All-Star Auston Mathews, as well as with other stars like two-time Olympian Alysha Newman, the Ottawa Senators hockey club, Live Nation, Postmedia, the CF Montreal and the Montreal Alouettes.

The registration as an internet gaming operator with AGCO fulfills one of the conditions set out for the acquisition of SVH by Kings Entertainment. The other conditions include the approval of SVH and Kings shareholders, satisfaction of all conditions under the agreement including any transaction agreements, and all necessary regulatory of third party consents, approvals and authorizations, including from the CSE.

Read more: The Mugglehead technology roundup: entertainment edition

Read more: The Mugglehead technology roundup: acquisition and independence edition.

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