On Monday, September 26, 2022, British-Columbia-situated Kings Entertainment reported that it has received a boost from the Canadian Securities Exchange on its business combination agreement. The gaming provider can now proceed with its agreement with the parent of Bet99 Sportsbook and leading casino operator – Sports Venture Holdings Inc. or also known as SVH.
Kings Entertainment was established back in 2005, and it is a global online service provider for lottery, casino, and sportsbook gambling. The company is also the parent entity of the market-leading brands LottoKings and WinTrillions, which utilize their ability to attract high-potential players through their cutting-edge lottery, casino, and sports betting services.
Getting the Required Approval
After receiving approval from the Canadian Securities Exchange to move forward with the business combination agreement, Kings Entertainment has called a meeting with its shareholders. It will be hosted on October 25, 2022, and it will aim to seek shareholder approval for the business combination in accordance with the policies of the CSE among other things.
Steve Budin, CEO of the B.C.-based company, said that the firm is pleased to move forward with the business combination agreement with Bet99 to create Interactive Entertainment Group. He shared that the company’s goal is to always grow its operations organically and via the acquisition of SVH it will be able to build on its business and enhance its position as a market leader and innovator.
Mr. Budin noted that the receipt of the CSE conditional approval is a major step forward for the finalization of the business agreement. He also commented that the team is now looking forward to the shareholder meeting in October, where they will hear input from shareholders and share the excitement about the joint future with the leading Bet99 brand.
He is hopeful that the transformational transaction can be completed shortly after the shareholder meeting next month. He also revealed that in preparation the company has already sent a management information circular dated September 24, 2022. Meanwhile, the record date set for notice of, and voting at, the Meeting has been set as September 16, 2022. The agreement has also been unanimously agreed upon by its Board of Directors.
Performing Strong in 2022
So far 2022 has been quite fruitful for Kings Entertainment. For May 2022, the company reported a rise in customer registrations and depositing customer numbers through its flagship lottery brands – WinTrillions and LottoKings. For the month, saw approximately 13,000 new sign-ups on its platforms as well as 1466 new depositors in comparison to the previous month.
Then July has also turned out to be quite prolific for the B.C. gaming leader, as it reported a significant increase in active customers and lottery revenue. In the said month, lottery sales increased by 18% in comparison to June, with WinTrillions and Lotto Kings both accumulating the hefty CA$446,126, while total active customers bumped by 9%.
Source: “Kings Entertainment Receives CSE Conditional Approval to Proceed with Acquisition of Parent of Bet99 Sportsbook and Casino Operator, Calls Shareholder Meeting to Approve the Acquisition and Refiles its Q2 2022 Interim Financial Statements” GlobeNewswire, September 26, 2022