Entain set to bolster BetMGM’s US sportsbook as Angstrom Sports deal completes
London-listed operator confirms multi-million-dollar deal as CEO Jette Nygaard-Andersen hails “significant opportunities” to improve product
Entain has confirmed the completion of a $265.6m (£203m) deal to acquire US-facing data analytics provider Angstrom Sports, following the initial agreement announced in July.
The London-listed operator has paid an initial $106m (£81m) for the firm, with additional contingent payments of $159.8m (£122m) over three years based on Angstrom achieving certain financial targets.
Focusing on the US market, Angstrom Sports functions as a provider of sports modeling, forecasting, and data analytics, using simulation-based predictive modeling to enhance pricing across US sports betting products and markets.
Angstrom Sports was founded in 2018 by former Ernst & Young head Jonathan Blezard and Sporting Group veteran Matt Wood.
With completion of the deal, Entain is now free to deploy Angstrom’s assets, which will be taken in-house, to bolster Entain’s flagship joint venture business, BetMGM, which it operates on a 50/50 basis with its US partner MGM Resorts International.
As part of the JV, Entain provides platform services to the BetMGM brand, which can now be scaled, as Entain CEO Jette Nygaard-Andersen suggested in a statement confirming the deal.
“We are delighted that Angstrom has joined Entain, enabling us to accelerate development of the Entain Platform, bringing even more product capabilities in-house,” Nygaard-Andersen remarked.
“Angstrom’s proprietary next-generation capabilities will unlock significant opportunities, particularly for our US sports betting offering through BetMGM.
“We look forward to working closely with the Angstrom team and are excited to provide our customers with an unrivaled sports betting experience,” she added.
Last month, BetMGM unveiled the newest version of its sportsbook app, integrating a raft of new betting offers including same-game parlays, so-called ‘elevated’ first-bet offers and exclusive team-partner-hometown odds boosts.
The revamp release was timed to coincide with the start of the new NFL season, with the operator launching a new advertising campaign featuring brand ambassador Jamie Foxx.
You can read more about the development of the new BetMGM sportsbook app here.