Entain Makes $1B Bid for Olympic Entertainment Group

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British betting firm Entain Plc has allegedly made a $1bn buy-out offer for Estonian operator Olympic Entertainment Group (OEG).

Citing anonymous sources, Bloomberg reported that Entain is looking to acquire the company’s online business, OlyBet, alongside its operations in Lithuania and Croatia. The deal would also include an option to buy Olympic’s outstanding business in early 2023 based on its performance.

OEG operates approximately 100 casinos across Europe, the majority of which are located in the three Baltic states of Estonia, Latvia and Lithuania, and its acquisition would see the British betting firm become the region’s market leader. However, neither company has so far issued a statement regarding the rumoured takeover.

If the sale goes through, it will build on Entain’s acquisition of Enlabs AB. The €370m purchase brought the Swedish iGaming company’s Optibet brand — OEG’s chief rival in the online gambling space — under the umbrella of Entain. At the time, the company claimed Enlabs’ acquisition was in line with its expansion into new markets.

Making the acquisition even more likely is the current position of OEG’s owner, London-based private equity firm Novalpina Capital. The company bought OEG for €300m in 2018, but the firm has been rocked by recent developments.

Zoltan Tundik

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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