Some major news came out of the sports betting industry on Monday. It was announced that the Action Network was acquired by Better Collective, a sports betting media company in Europe. The Action Network is one of the most trusted sites for sports betting coverage in the United States, so the deal turned many heads.
Better Collective was not interested in being a partial owner of the Action Network. The company acquired 100% of Action Network’s shares for a hefty price tag of $240 million.
Will Action Network Change?
The announcement disappointed many American bettors at first because of a fear that the Action Network would change. However, the Action Network is not going to alter its current product, so people will be able to continue accessing the site for sports betting news.
Action Network is still going to operate under its current brand. This was an intelligent part of the deal because of the following that the site has acquired since it launched in 2017. Better Collective will just make the decisions for the book and claim 100% of the revenue.
Better Collective is beginning to make a splash in the American sports media market. The site also owns Roto Grinders and Vegas Insider. These two sites are like Action Network for sports betting and daily fantasy sports news.
The Acquisition from Better Collective
Better Collective was making a substantial amount of money in the United States before buying Action Network. The company will start making a profit on its third American website now, and the projections are very extensive.
Better Collective is expected to collect an additional $100 million in the United States by 2022. Better Collective will make money from Action Network’s subscriptions and ad revenue.
Comments from the Transaction
Leadership for Better Collective and Action Network spoke during the announcement of this monumental transaction on Monday.
Better Collective CEO Jesper Sogaard said,
“I am thrilled to welcome Action and its employees to Better Collective. This acquisition, which is the largest in Better Collective’s history, gives us a leading position within affiliation in the US and a strong foundation for profiting from the continuous regulation of the US betting market. We add three new, very well positioned US sports media brands to our portfolio and welcome around 100 new colleagues, together representing an invaluable pool of knowledge and expertise on the US sports betting media market. By all accounts, this is a great day for Better Collective.”
Action Network CEO Patrick Keane said a similar statement regarding his excitement that the company is being bought by Better Collective. He also expressed how proud he is of his team for their hard work with Action Network.
Action Network went from an unknown platform to one of the most trustworthy in American sports wagering in just a few years. This would not have been possible without investors and the fantastic team of employees.
Keane ended by saying, “We gain new colleagues, career paths, and perspectives. I’m looking very much forward to the journey ahead.”
