Carey Olsen has advised long-standing client Avid Gaming on its CA$300 million sale to Entain plc (Entain), the leading global sports betting, gaming and interactive entertainment operator.
Avid Gaming, which established its headquarters in Jersey 2015, owns Sports Interaction, Canada’s leading online sports betting brand. The company also has offices in the Mohawk Territory of Kahnawà:ke and Ireland.
Avid Gaming exclusively licenses the Sports Interaction trademark and provides proprietary online betting and gaming products and services to the Mohawk Council of Kahnawà:ke (MCK) and the Mohawk Online socioeconomic initiative. Mohawk Online, which is wholly-owned by the MCK, operates Sports Interaction in Canada. Together with Entain’s application for an Ontario licence, the acquisition provides an excellent opportunity to drive further growth, in line with Entain’s growth and sustainability strategy.
Carey Olsen’s team advising Avid Gaming involved partners Marcus Pallot and James Wilmott and senior associate Oliver Lindop.
Marcus said: “Carey Olsen is delighted to have been the Jersey legal advisers to Avid Gaming from the outset. Their acquisition by Entain highlights the innovation and professionalism shown throughout Avid and is further proof of the unique offering that Jersey can provide for the e-Gaming industry.”
Avid Gaming is licensed and regulated by the Jersey Gambling Commission, supervised by the Jersey Financial Services Commission, and is a member of Digital Jersey.
Avid Gaming Jersey director Melanie Hoey added: “Avid Gaming’s success since 2015 would not have been possible were it not for the decision to locate in Jersey. The combination of a business-friendly jurisdiction, robust regulatory framework, world-class banking and professional services could not be matched. The talent we’ve found in Jersey has also made a real difference, allowing us to diversify our local operations into marketing, customers support, security, fraud prevention and software testing. The island has a thriving technology industry thanks to initiatives such as Digital Jersey. I am really proud of the team that we have built here.”