UK-listed gambling giant Entain has made a £252m offer for Baltic online operator Enlabs in a bid to expand Entain’s Eastern European presence. 

On Thursday, Entain (until recently known as GVC Holdings) announced that it had reached agreement with an independent bid committee of Enlabs on an SEK2.8b cash offer to acquire the Latvia-based company, whose online gambling brands include Optibet, a fixture in Baltic markets. Enlabs also recently absorbed Ninja Casino parent Global Gaming.

Entain’s bid has the acceptance of shareholders who collectively possess around 42.2% of Enlabs and the bid committee has recommended that the rest of Enlabs shareholders get on board. Entain needs to secure approval of shareholders controlling 90% of Enlabs within a four-week window expiring February 18. 

Entain says the proposed acquisition would not only boost its Baltic presence – Enlabs is the top operator in Latvia, the second-biggest in Estonia and a top-five player in Lithuania – but also offers potential to expand into Belarus and Ukraine, as those two markets proceed toward regulated online gambling launches. Entain plans to retain Enlabs chair Niklas Braathen to ensure the success of these expansion aims.