XLMedia takes over sports betting brand CBWG Sports
Affiliate marketing services provider XLMedia has just announced their acquisition of the US-focused sports betting brand CBWG Sports.
The deal should see XLMedia pay approximately $12 million in cash. The company will also have to issue about 8 million new shares (with an accumulated value of $3.5 million) in order to complete the transaction and seal the deal. The agreement also states that a subsection for an additional $9.5 million could possibly be included. This clause would appear to be based on the net revenue performance of the part of the business that has already been acquired. The deal would be payable over three years until the end of 2023.
CBWG Sports is a more recent brand that has emerged in the industry. Its market entry came after CB Sports and Warwick Gaming were merged earlier on in 2020. The brand’s main focus is on collegiate and professional sports, as well as sports gaming and betting all across the USA.
As of now, the brand is registered in six states as a sports gaming affiliate (including Pennsylvania and New Jersey). They are looking into expansion methods for the upcoming years.