Betsson Acquires 35% Stake in Strive Platform
Betsson Perch Investments AB, a subsidiary of Betsson AB (publ), has acquired a 35% stake in Strive Platform Ltd (Strive) for a total amount of USD 6.5 million.
Upon launch in the US, planned for the second half of 2021, Betsson has an option to increase its shareholding in Strive by another 5% for the consideration of USD 1 million. Betsson will also grant to the company a convertible shareholder loan facility of USD 2.5 million.
In the Q4 2020 report, Betsson announced an agreement with TG Lab, a leading international iGaming technology and development company. Through the agreement, Betsson is able to utilize the company’s new, purpose built and modern US iGaming platform, i.e. Player Account Management system (PAM) to support Betsson’s launch on the U.S. market. TG Lab has since then created Strive, a North American specific entity encompassing this new technology, intellectual property rights, and market-leading expertise, in which Betsson now invests.
“This investment is another important milestone in our US entry. The investment will support our B2C launch with the Betsafe brand in Colorado as well as broaden Betsson’s offering to the US market. The US market has a limited number of PAMs and sportsbooks that are truly set up for the multi-state regulatory environment and scale. This investment brings together two high quality independent iGaming technologies for the US market,” Pontus Lindwall, CEO of Betsson AB, said.
