Veltyco (VLTY) announced on Friday it acquired the 49% of Quasar Holdings not owned by the company from Binbar GmbH. Quasar is the owner of Bet90 Sports Limited, an online sportsbook and casino gaming company.
Veltyco are to pay €200,000 in cash to Binbar, and an additional 10 monthly cash instalments of €30,000, with an option to convert any outstanding payments to shares at a 50% discount.
5 million new shares in Veltyco are to be issued to Binbar as well as part of the consideration.
Veltyco said the acquisition was an important step in delivering its new strategy of focusing on regulated online sportsbook and casino operations, and proposed a company name change to B90 Holdings plc.
The company told investors that it plans to expand its online operations, increase marketing efforts to increase brand recognition, and drive additional traffic to Bet90.
Shares in Veltyco Group were trading 5.77% higher at 5.5p on Friday
Paul Duffen, Executive Chairman of the Company, commented: "Having 100% ownership of Bet90 represents significant progress towards our stated objective to refocus the business on the core activity of online sportsbook and casino operations.”
He added: “Subject to additional funding, the next phase will be to expand the geographic footprint and invest in marketing to drive revenue. We will also be seeking to form strategic relationships with other brands in the same vertical to expand our online offer.”
“The proposed change of company name to B90 Holdings plc, along with the change of ticker symbol to B90, will reflect this new focus and strategy."
Bet90 had revenues of €1.6 million and a loss of €0.6 million in the six months ended 30 June 2019.
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