Entain Olympic bid
Feeling Baltic: Entain is reported to have made a $1bn bid to buy elements of Estonian-based betting and gaming operator Olympic Entertainment Group. The Bloomberg story suggests the bid is all cash. Olympic is owned by collapsed London-based private equity group Novalpina Capital. A bid for Olympic would represent a doubling-up of Entain interests in the Baltics after it bought up Estonian-based online operator Enlabs in another all-cash deal worth £250m ($335m). When contacted by WE+M Entain offered no comment on the news.
From Stettin to Trieste: Olympic runs the online brands OlyBet and MaxBet as well as land-based casinos in Latvia, Lithuania, Slovakia, Italy and Malta as well as online operations in Croatia. Entain’s bid would reportedly include the online operations only and consist of an upfront payment plus an earn-out payable in 2023. It was unclear whether Entain would buy the land-based casino interests.
