Bet99 to Join Growing List of Public Sportsbooks

by | Sep 28, 2022 1:39 pm | Sports Betting | 0 comments

Bet99 to Join Growing List of Public Sportsbooks

Bet99

  • After two years of being active in the Ontario sports betting market, Bet99 has announced their current acquisition by Kings Entertainment and plan to take the company public.
  • Many legal sports betting operators have brought their company to the stock market, including DraftKings, Caesars, and fellow Canadian brand theScore Bet.

ONTARIO – Bet99 has been active in the Canada sports betting market since 2020 and is now following the footsteps of other major legal sportsbooks and is in the process of taking the company public.

Bet99’s parent company, Sports Venture Holdings Inc, has officially announced a planned merge with Kings Entertainment Group Inc. The two companies are forming one massive firm and are going to be able to offer more value to investors when the company lands on the Canadian stock market.

A shareholder meeting has been called for October 25 for final approval for the merge and a date for the stock market launch is expected shorty after.

This move has recently received stock market approval, allowing Bet99 and their new partner to sell stocks in the company and raise capital for the possible expansion of the sportsbook on the market. While they have already heavily focused on the legal sports betting market in Ontario, they have new competition in Bet365.

This plan to go public could give the Bet99 the upper hand and help them have more control over legal Canada sports betting than Bet365. The UK based sportsbook has been growing rapidly in Ontario since their April 2022 launch but are a privately owned company.

Other Sportsbooks Gone Public

Legal sportsbooks transitioning to public companies are not uncommon, with the leading brands of FanDuel and DraftKings making the announcement over the last couple of years.

While their market values have decreased over the last couple years, the impact has yet to be fully felt. On the day, DraftKings is up by 1.00% and another big-name brand Caesars Entertainment has gone up over 3.00% at time of writing.

Because Bet99 has not launched yet, the IPO is still unknown but it could be profitable to jump on the stock as it hits the market. For reference, theScore Bet had an IPO of $27 at US stock exchange sites.

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