B90 also mentioned it had raised £1.24m ($1.66m) through a subscription of 8,888,465 new ordinary shares of no-par value in the capital of the company with certain existing and new investors.
Oddsen has been operating for over 20 years in the Norway market; the site connects publishers with affiliate programs that allow the promotion of sportsbook gambling-related offers. Its operations include producing media content that covers sports-related news, events, analysis and forecasts. It also operates a forum for users to comment and discuss sports betting related events; these discussions have generated free of charge winning odds tips for the visitors.
Commenting on the acquisition, Paul Duffen, B90 Executive Chairman, said: “The acquisition of Oddsen continues the transformation of our business. Coupled with the fundraising, which gives a strong indication of the support that our stakeholders have for our growth strategy, our business now has a real operational and financial platform from which to grow.
“This transaction adds a valuable new domain to our online real estate; increases our affiliate marketing capability; and takes our operations into Norway, which is an attractive, stable and well-established market for sports betting. We believe that the acquisition is an important step into owning proprietary software and taking control over valuable parts of the value chain in our industry. We consider it a strategic acquisition that can be used as a platform to be rolled out in other markets as well.”
