Kings Entertainment Group, the company which operates LottoKings and WinTrillions, has announced that it agreed a merger with Sports Venture Holdings, the parent company of Bet99, the famous Canadian online sports betting and casino brand.
The agreement between the two companies will see them combine into a single business. However, the deal won’t become effective until the shareholders of both entities approve the merger and then the proposal has to be approved by the Canadian Securities Exchange. During the approval process investors won’t be able to trade King Entertainment’s common shares on the Canadian Securities Exchange.
Under the terms of the agreement, after the deal goes through Jared Beber, the current Chief Executive Officer of Bet99, will become the CEO of the new merged business, while Steve Budin, the CEO of Kings Entertainment, will continue to be in charge of LottoKings and act in an advisory capacity.
Moreover, Adam Arviv, the founder of successful Canadian iGaming company Bragg Gaming Group, is set to become executive chair of the new merged business entity.