Vancouver-based B2B daily fantasy sports platform provider Global Daily Fantasy Sports Inc. (GDFSI) has struck a deal to acquire European DFS operator Mondogoal.
On Friday, GDFSI announced its acquisition of Mondogoal’s operating assets, including intellectual property and trademarks as well as Mondogoal’s DFS B2B client contracts in Italy.
Mondogoal’s Italian client list includes Lottomatica and Sisal, and GDFSI says it has secured new agreements with each operator for additional two-year terms.
Precise terms of the deal weren’t disclosed, with GDFSI saying only that the consideration consisted of “a small cash payment” plus common shares of GDFSI “having a value equal to net gaming revenues from the purchased assets over the next three years.“
GDFSI CEO Darcy Krogh said the acquisition of Mondogoal’s assets and the new Italian client deals “position us well to grow our business in one of our key European markets.”
Mondogoal underwent a strategic shift last December when it scrapped its consumer-focused operations in order to focus on its B2B business. Unlike its US-facing counterparts, Mondogoal’s fantasy contests relied exclusively on European football, and the jury is still out on fantasy sports’ appeal in markets where actual betting is widely available.
Krogh told Forbes that Europe “is not as advanced as the North American DFS market, but there are some big operators moving into the space.” Krogh remains bullish that European DFS will eventually witness a growth spurt similar to what DFS enjoyed in America over the past few years.
