HeadsUp Entertainment International has announced it has signed a letter of intent to acquire a 50 percent stake in the VIP Entertainment Business, with several other possible acquisitions in the pipeline as well.
Operating through a range of global vertical gaming, including online gambling, sports betting, and online poker, VIP boasts five brands of sportsbooks, led by the group’s VipBets.com company, five online casino brands, and an online poker site.
Coinciding with the announcement, HeadsUp also announced that it would soon unveil its new management team and board of directors, a move that it says would “support the company vision to become a leader in gaming, lottery, 50/50 digital, bingo and esports sectors”.
Licensed in Curacao, VIP has been in business since 2014, and is currently in the final stages of obtaining a UK gaming licence to extend operations to new jurisdictions, backed by its multinational payment processing systems.
In a media statement HeadsUp reported further rationale behind the acquisition: “VIP’s audited financials show over $112,000,000 in processed wagers generating a profit of over $5,400,000 in the past 48 months.
“Given the quickly evolving environment in the gaming industry and shifting business patterns affected by COVID-19, VIP revenues remained solid in August 2020 with over $970,000 in wagers processed which generated $93,148 in net profit.
“The LOI outlines a 3 step due diligence process that is expected to be completed within 30-45 days resulting in the closing of the definitive agreement in October.
“This acquisition positions HeadsUp to grow its revenue base in licensed jurisdictions and is the first of several industry related growth strategies with three other acquisitions currently in negotiation.”