Logflex MT Holding Restricted, the mother or father firm of Novibet, is merging with a particular objective acquisition firm (SPAC), and can checklist its shares within the US when that transaction is finalized.
The Nasdaq market website in New York, seen above. Novibet will checklist after {that a} SPAC merger. (Picture: The Verge)
Artemis Strategic Funding Company (NASDAQ:ARTE) is merging right into a newly shaped unit of the gaming firm in a deal sporting a pre-transaction enterprise valuation of $625 million. The SPAC’s founders and present Novibet traders will personal 75% of the brand new publicly traded agency when the merger is accomplished.
Malta-based Novibet presently provides iGaming and sports activities wagering providers in its house nation and in Greece, Eire and Italy. The corporate is worthwhile, which can’t be mentioned of many sportsbook operators, and quickly rising.
Novibet has grown gross gaming income at a compound annual fee of roughly 107% for the complete yr ended December 31, 2021, with earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) throughout this era rising at a compound annual fee of roughly 182%, in keeping with a press release.
The corporate says the worth of every of its customers was $617 final yr — up 69% over 12 months.
Novibet Eyeing International Enlargement
Novibet mentioned proceeds from the blank-check deal would fund world enlargement efforts, together with Europe, Latin America, and North America.
In Europe, the operator sees a $29 billion-plus complete addressable market alternative by 2026. It is usually trying to broaden past the quartet of aforementioned nations to Sweden, the Netherlands, Romania, Belgium, Hungary, Germany, France, and Spain through partnerships or mergers and acquisitions.
Moreover, gaming corporations are increasing in Latin America, confirming that operators see alternative within the area. Analysts consider the mixed on-line gross gaming income (GGR) in simply Colombia and Mexico might finally swell to $700 million. Novibet sees a greater than $4 billion alternative within the area.
“Novibet believes it’s near finalizing a market entry settlement for Mexico with a land-based operator and is searching for to enter extra Latin American markets (Peru, Chile, Brazil, Colombia and Argentina) through a three way partnership partnership or by means of strategic, accretive mergers and acquisitions,” mentioned the operator within the assertion.
Bullish Outlook
Whereas SPAC fever cooled a bit within the gaming area, due largely to dramatic share value declines for deSPACed corporations, Novibet is clearly testing the waters and its fortunes could possibly be totally different than these of its predecessors.
Moreover, the corporate is forecasting 2023 web gaming income of $200 million on EBITDA of $37 million.
In North America, Novibet has an settlement to supply iGaming in Pennsylvania, and is pursuing related licensing in Ontario, Canada. The operator additionally expects to launch on-line casinos and sports activities wagering in New Jersey within the first half of 2023, and is trying to roll out web casinos and/or sports activities betting in Indiana, Iowa, Louisiana, Mississippi, and Missouri in 2023 or 2024.
