Entain has revealed a new venture and the acquisition of a major bookmaker as part of plans to expand its presence across continental Europe.
The Ladbrokes and Coral owner has teamed up with Czech investment firm EMMA Capital to create Entain CEE, of which London-listed Entain will own a 75 per cent stake, in order to tap into the Central and Eastern European gambling market.
In addition, the company will pay EMMA €600million (£507million) to obtain a majority stake in Zagreb-based SuperSport, whose share of of Croatia's betting and gaming market exceeds more than 50 per cent.
Expansion: Sports Betting Ladbrokes owner Entain has teamed up with Czech investment firm EMMA Capital to create Entain CEE to tap into the Central and Eastern European gambling market 
It could pay the group around €90million more in cash during early 2023, dependent on SuperSport's underlying earnings in the current financial year.
Financing for the takeover will come from a €700million bridge loan supplied by numerous banks, Sports Betting including Santander, NatWest and Lloyds Banking Group.
Entain's latest acquisition is the sixth to have been either completed or agreed upon this year, following the takeovers of Latvian firm Klondaika and Polish sports betting provider Totolotek.