XLMedia finalizes takeover of Sports Betting Dime
XLMedia, the well-known affiliate, has unveiled the completion of its takeover of Sports Betting Dime, the US-facing sportsbook review site.
The affiliate business said last week that had already accepted the buyout of Sports Betting Dime for a total amount of approximately $35.6 million. It also stated that this would allow it an opportunity to reinforce its position in the US.
Afterwards, the company ended up raising $33.5 million in order to help the company fund this takeover. The agreement conditions state that the Sportsbettingdime.com site is now going to operate under XLMedia’s current licences, and will be referring clients to its regulated US partners. This buyout follows on from XLMedia’s acquisition of CBWG Sports, the US-facing sports betting and gaming company back in December of 2020.
Stuart Simms, chief executive of XLMedia, stated:
“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.”
The affiliate initially paid $11.0 million upfront in order to obtain the reviews website, and then added on another $500,000 as a compensation for the site’s operating expenses for each month of 2021. After 1 year passes from the date of the acquisition, another $10 million will be paid, and then another $3.7 million in 18 months.