HeadsUp Is Down To The Wire To Buy VIP Entertainment 50% Share

Article by : Helen Sep 11, 2020

Expanding gambling market dominance has never been an easy task for big international brands. Before making the long-awaited deal, the company will have to get its reporting in order and face support from the over-the-counter markets. The upcoming deal between HeadsUp and VIP Entertainment to buy a 50% stake also requires account activation upon filing. The gaming brand needs to bring all the company’s financial statements in line with the requirements of OTC Markets.

HeadsUp Entertainment International Inc. has already tried to pass all the necessary checks, but things haven’t got forward an inch. The gaming brand announced the signing of a Letter Of Intent (LOI), where it indicated its plans to acquire a 50% stake in the popular gaming service VIP Entertainment.

Currently, the amount of the deal remains unresolved. HeadsUp will need to go through a three-step due diligence process before authorizing a purchase. Only after all financial statements are put in order, the gaming brand can receive approval for VIP Entertainment purchase in October. The deal’s primary goal is to expand its influence in the online casino segment and increase revenues in licensed jurisdictions globally.

VIP Entertainment is currently very successful in the online casino, sports betting, and online poker markets. The company also has five bookmakers operated by VipBets.com, five online casino platforms, and a gaming website that provides online poker services.

The brand has already managed to obtain an official license from Curacao’s regulatory body to provide gambling services. The company is also hatching plans to get an official permit from the British Gambling Commission. The last four years have been very successful for VIP Entertainment. The total amount of bets during this period reached 96 million euros, and thus the service received a profit of 4.56 million euros.

Verification of financial statements and confirmation of LOI are prerequisites for purchasing 50% of VIP Entertainment. However, this is far from the only investment the company wants to make shortly. One of the former owners of HeadsUp said that the brand is in parallel negotiations for three other assets. Unfortunately, more detailed information about the contract value and the proposed investments has not been disclosed.

According to official information, the company is also planning a reshuffle in the brand’s leadership. Creating a new management team is a testament to the gaming brand’s strategic plans to achieve higher positions in the online lottery, bingo, and eSports segments.

HeadsUp’s official request is a mandatory stage of the transaction and will take about 45 days to complete all approvals. According to preliminary estimates, the audit of financial statements will be completed in October 2020. The acquisition of at least 50% of VIP Entertainment is one of the brand’s main strategic goals to develop and expand its share in international jurisdictions. It seems that many companies are now diversifying their businesses and taking all the necessary steps to expand their influence in the online segment.

HeadsUp is a global company specializing in online gaming, online poker, eSports betting, sports betting, and online lottery services. The brand also actively uses blockchain technology to process financial transactions.

Canadian global media company HeadsUp is also renowned for developing and producing poker and gambling marketing programs and materials. The Canadian Poker Tour and Canadian Poker Player Television are among the most popular gaming brands’ projects. New acquisitions and expansion of its share in international markets indicate that the company is preparing in advance to increase its influence and additional growth in profit. This way, it can overcome the Covid-19 negative implications much quicker.

Helen

Chief Editor

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