As announced on July 17 this year, the initial consideration of $105.8 million (£81 million) was payable on completion, with additional contingent payments totaling a maximum of $159.4 million (£122 million) payable over three years.
According to a press release, Angstrom's proprietary offering "secures Entain as the only global operator with highly sophisticated in-house forecasting, analytics, risk, and pricing capabilities for US Sports betting markets."
"Entain’s capabilities, coupled with our global scale and market-leading platform will provide customers with an unrivaled US sports betting experience, differentiated by its breadth of betting opportunities and products," the company stated.
Jette Nygaard-Andersen, CEO of Entain, commented: "We are delighted that Angstrom has joined Entain, enabling us to accelerate the development of the Entain Platform bringing even more product capabilities in-house.
"Angstrom’s proprietary next-generation capabilities will unlock significant opportunities, particularly for our US sports betting offering through BetMGM. We look forward to working closely with the Angstrom team and are excited to provide our customers with an unrivaled sports betting experience," she concluded.
Entain has a track record of expanding its portfolio through strategic acquisitions, and over the years has added several betting groups to its portfolio to expand into Canada, the Netherlands, and other parts of Europe. The company's most popular brands, Ladbrokes, Coral, and bwin, were bought through acquisitions.
The Angstrom deal further fuels Entain's acquisition spree in recent months, including the purchase of Polish bookmaker STS Holding S.A for £750 million ($946 million). In June, Entain also completed its purchase of Tiidal Gaming NZ, owner of esports betting developer Sportsflare for CA$13.2 million ($9.9 million).
Last week, the company warned of a decline in its online net gaming revenues for the third quarter and the full year, blaming the drop on UK gambling policy reforms and on recent unfavorable sports results. Following the business' warning, shares in the FTSE 100 firm fell 8.2% to a 34-month-low of 969.2 pence by 0808 GMT.
Despite the downgrade, Entain said its projected earnings before interest, tax, depreciation, and amortization remained in line with expectations of £1 billion-£1.05 billion ($1.2 billion - $1.28 billion) for the full year, "supported by robust operational controls".