XL Media To Acquire Sports Betting Dime
XLMedia, a leading global digital performance publisher, has announced that it has entered into an agreement to acquire the business and assets of Sports Betting Dime for a total approximate consideration of US$ 26.0 million (£18.5 million/€21.6 million). In addition, XLMedia announces its intention to raise gross proceeds of £23 million by means of a placing, a direct subscription with the Company and an Open Offer.
Founded in 2012 as a sportsbook review site, Sports Betting Dime (SPD) has developed into multichannel sports betting digital media platform, including two mobile apps
The Acquisition provides XLMedia with a leading US affiliate sports betting brand delivering national traffic through its website, sportsbettingdime.com.
The Acquisition is expected to complete on or around 22 March 2021 upon payment of the initial consideration
Stuart Simms, Chief Executive of XLMedia plc, said:
“We set out a clear strategy to develop and monetise a balanced portfolio of content-rich and engaging consumer-centric websites, with a greater exposure to regulated markets and a particular focus on rapidly developing and scaling our presence in US sports. We are delighted with the progress of the CBWG business in North America in the short period since we acquired it in December, and we are excited by the potential synergy value from leveraging the scale, footprint and skills of SBD.
“We believe the combination of Sports Betting Dime and CBWG provides the Group with immediate scale and broad market reach at a time when US sports betting is experiencing significant growth momentum as additional states regulate and open up to legalised sports betting.“