Affiliate business XLMedia has completed its acquisition US-focused sportsbook review website Sports Betting Dime.
Last week, XLMedia revealed it had agreed to purchase Sports Betting Dime for £26.0m ($35.6m), saying the acquisition would provide the business with a US affiliate sports betting brand and strengthen its presence in the country.
XLMedia went on to raise $33.5m under a placing and subscription to help fund the acquisition.
As per terms of the agreement, the Sportsbettingdime.com website will now run under XLMedia’s existing licences and refer clients to the affiliate’s regulated US operator partners.
The purchase comes after XLMedia in December also acquired US-focused sports gaming and sports betting business CBWG Sports.
“We believe the combination of Sports Betting Dime and CBWG provides the group with immediate scale and broad market reach at a time when US sports betting is experiencing significant growth momentum as additional states regulate and open up to legalised sports betting,” XLMedia chief executive Stuart Simms said.
XLMedia agreed pay an initial $11.0m up front to acquire Sports Betting Dime, together with up to $500,000 as a reimbursement of the website’s operating expenses per month in the current year.
A further $10.0m will be payable on the first anniversary of the acquisition, with the final $3.7m due after 18 months.