Entain Acquires Angstrom Sports to Strengthen BetMGM Sports Betting

BetMGM co-owner Entain Plc has announced that the iGaming and sportsbook operator has completed its buyout deal with the sports pricing and data analytics firm Angstrom Sports. Entain said the acquisition, valued at up to $266 million, is geared toward strengthening its New Jersey sports betting capabilities through its 50/50 joint venture with MGM Resorts International, BetMGM.

Entain first announced the acquisition of Angstrom Sports on July 17th for an initial consideration of $98 million. An additional $168 million in contingent payments may be paid out over the next three years based on Angstrom’s performance. 

Angstrom is a leader in sports forecasting technology, using simulation-based modeling to provide pricing and forecasting for major US sports leagues, including NHL, NFL, NBA, and MLB. 

Entain is a UK-based online casino and sports betting operator, with well-known brands like bwin, PartyPoker, Ladbrokes, and Coral in its portfolio. The deal marks a solid partnership in sports betting, with a strong foothold in both Europe and the U.S.

Entain CEO Jette Nygaard-Andersen commented that bringing Angstrom in-house will allow the company to accelerate the development of the BetMGM Platform. Its proprietary technologies are expected to unlock significant opportunities for BetMGM’s sports betting offering in the US, particularly around fast-growing betting markets like in-play wagering and parlay bets.

How the Acquisition Enhances BetMGM’s Sports Betting Offering

The goal of the acquisition was explicitly to bolster BetMGM sportsbook, according to an official statement from Entain. As one of the leading online sportsbooks in states like New Jersey and Pennsylvania, the joint venture has established itself as a market leader but faces intense competition, especially from FanDuel and DraftKings.

Angstrom’s buyout deal will help enhance BetMGM’s sports betting offering in multiple ways. Its leading-edge sports pricing tech is expected to give BetMGM a distinct edge in capturing the growing in-play and parlay betting segments.

Angstrom’s sophisticated modeling and simulation capabilities will enable BetMGM to manage in-play odds more effectively and adjust prices quickly based on real-time data and events. This should translate to a more engaging and user-friendly betting experience for the sportsbook bettors.

Parlay bets allow bettors to combine multiple bets into a single wager with higher odds and potential payout. Angstrom’s technology can help BetMGM to develop more innovative and attractive parlay betting products, which are increasingly popular among sports bettors.

Entain also noted that the acquisition will further strengthen BetMGM’s position as a leader in data-driven sports betting. The pricing tools in its portfolio will play a crucial role in providing the sportsbook with even more granular insights into the sports betting market, which can be used to improve product development, marketing, and risk management.

Entain’s Strategic Ambitions in the US

Entain sees the US as a major growth opportunity and has committed significant capital to capture market share as more states regulate sports betting and iGaming. The acquisition of Angstrom Sports is part of Entain’s broader strategy to invest in proprietary in-house capabilities and position BetMGM as a leader in major betting markets like New Jersey and Michigan.

The British multinational has guided that BetMGM will generate between $1.8 and $2 billion in revenue for 2023. The company has set internal targets for its core sportsbook to achieve profitability by year’s end. 

With the Angstrom acquisition now complete, Entain reiterates that BetMGM will require no additional funding beyond what has already been invested to achieve these goals. The deal marks the latest in a series of strategic moves by Entain to expand its global sports betting footprint and strengthen its position in the burgeoning US market.

In recent years, Entain has undertaken several acquisitions, agreements, and partnerships to support its growth ambitions. In 2021, it acquired leading betting technology and services provider BetTech for $1.9 billion, followed by the blockbuster purchase of Croatia’s largest sports betting operator, SuperSport Group.

In June 2023, the European gambling giant completed its acquisition of Sportsflare from the Toronto-based Tiidal Gaming Group in a C$13.25 million deal, as reported by Yahoo Finance. Entain has also brought in the Dutch BetCity and the sports technology group STS Holdings.

The sports betting and iGaming operator has also expanded through joint ventures, including a $200 million investment in the American segment of 888 Holdings and the 2018 launch of BetMGM with MGM Resorts. Entain has also signed a partnership agreement with the social gaming content provider Gaming Realms.

Entain sees the US as a major growth opportunity and has committed significant capital to capture market share as more states regulate sports betting and online casino gaming. The Angstrom deal represents the company’s latest move to develop proprietary in-house capabilities rather than rely on third-party suppliers. It is expected to accelerate BetMGM’s product development roadmap and allow the venture to better compete against rivals like DraftKings and Caesars Sportsbook.

Entain Forecasts Slowdown in Q3 Online Wagering Revenue

The company’s share price dipped slightly in early trading following the acquisition, falling around 4%. In its report for the third quarter of 2023, Entain projected that its online wagering revenue would see high single-digit percentage growth but also flagged the potential for a high single-digit percentage decline compared to the same period last year.

Several factors were noted as contributing to the potential slowdown. Slower than expected growth in key markets like Italy and Australia indicated some softening in those territories. 

Tighter regulations on gambling in the UK have had a cooling effect on player activity as safeguards are enhanced. However, Entain remains confident in its full-year targets.

The update reaffirmed Entain’s EBITDA outlook of $1.22 billion for the full 2023 fiscal year. Additionally, the company is standing by projections that its joint venture BetMGM will generate between roughly $2 billion in total revenue. 


Entain’s acquisition of Angstrom Sports strengthens its position in the expanding US sports betting industry. By enhancing BetMGM’s in-play and data-driven betting capabilities, the deal aims to give the joint venture distinct advantages in capturing market share as the North American sports betting sector continues its period of rapid growth and evolution.

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