Market Spotlight: Portugal
In the second of our regular Market Spotlight features, this quarter we look at Portugal, a market we entered through our acquisition of Bet.pt.
A key part of Entain’s strategy is to enter new regulated markets and we have a strong track record of integration and value creation through M&A. We are one of the largest operators in our industry and we are in more regulated markets than any of our peers. Despite that, we currently have less than a 10% share of the global market and there are around 50 regulated markets where we don’t currently have a presence. This means there is still a huge scope for growth for many years to come.
We have a proud track record of significant value creation through M&A delivering both revenue and cost synergies meaning that we can efficiently enter markets through M&A on attractive terms for our shareholders. We see opportunities across regulated markets in Central & Eastern Europe, Latin America and Africa.
On 31 March 2021 we completed the acquisition of Bet.pt, one of the leading sports betting and gaming operators in Portugal. This acquisition has established Entain in the Portuguese market, while strengthening our presence in the fast-growing Iberian Peninsula, where we already operate through bwin in Spain.
The Portuguese gaming market is a relatively young and attractive one, where Bet.pt is well positioned to be the leading player, having been amongst the first operators to obtain a licence from the Portuguese regulator (SRIJ) in 2016. Over the coming months, Bet.pt will be migrating from a third-party technology platform to the Entain proprietary platform, creating new synergies and a much-improved product line-up, allowing the business to take full advantage of the rapidly growing market.
Our entry into the Portuguese market with the acquisition of leading local operator, Bet.pt, has enabled Entain to move into a leading position in a relatively new regulated market.
The acquisition falls in-line with Entain’s strategy to operate solely in regulated markets by 2023, bringing certainty to our operations in the present and future. With significant potential for scale in this lively market, backed by the strength of Entain’s scalable technology, we’re excited to see what the future holds for our local brands.