Gambling.com Group Ltd. (GAMB), a provider of digital marketing services for the online gambling industry, revealed on Thursday that it has inked a deal to acquire Odds Holdings, Inc., the parent company of OddsJam, an arbitrage betting software, for initial consideration of $80 million.
The transaction, to be closed on January 1, 2025, will be immediately accretive to the Group's operating results upon closing.
Charles Gillespie, CEO of Gambling.com Group CEO, said: "The accretive acquisition of Odds Holdings will immediately provide Gambling.com Group with additional, recurring revenue streams which are independent of our market-leading online gambling affiliate business, consistent with our strategy to expand our footprint in the online gambling industry."
The initial $80 million consideration will be comprised of $70 million in cash and $10 million in shares. The Group expects to fund the $70 million cash payment from borrowings.
In connection with the deal, GAMB has entered into a debt financing commitment letter with Wells Fargo Bank, National Association and Wells Fargo Securities, LLC, to obtain a senior secured term loan and revolving credit facility of at least $100 million.
Odds is powered by a technology platform for real-time odds data and offers services under multiple consumer and enterprise brands. For full-year 2024, Odds expects adjusted EBITDA of $12 million, with revenue of $26 million.
The Odds' team, including OddsJam founders Ankit Goyal and Alex Monahan as well as CEO Matt Restivo will join Gambling.com Group.
GAMB was up by 9.27 percent at $14.50 in the pre-market trade on the Nasdaq.
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