Nordic is focused primarily on Latin American and Scandinavian markets, and under the agreement will promote all of B90’s sportsbook and online casino services in various territories.
The deal covers all current and future Bet90 brands and subsidiaries, and Nordic will commence promotional activities across its network of blogs, websites, and social media immediately.
B90 will pay Nordic an initial fee amounting to €150,000, to be settled in new ordinary shares on 30 November, 2021. The total number of shares to be issued will be calculated based on the average closing mid-market price of B90’s shares over the five dealing days ending on 30 November.
Issue of the new shares Is conditional on Nordic generating a minimum of €75,000 in new revenue for B90 by 30 November. Thereafter, the agreement will revert to a typical affiliate deal with payment based on the amount of traffic and new customer revenue generated by the network.
Further share based payments will become due on 28 February, 31 May and 31 August, 2022, converting the actual affiliate fee earned in excess of the first €150,000 into shares, up to a maximum equity value of €400,000.
Paul Duffen, executive chairman of B90 Holdings, said: “As previously stated our strategy is to build our brand, customer and ultimately revenue base into new geographies, using a mix of both affiliates and direct marketing.
“The agreement has been structured to mitigate risk and preserve initial cash outlay, whilst maximising potential future cash generation for the Company and incentivise the affiliate. We look forward to working with Nordic across our online real estate to enter into new and profitable markets.”
Håvard Lehn, CMO of Nordic Group, added: “By partnering with Bet90 we are following our business development strategy. We know that our traffic will be a perfect match for this partner and the incentives to send traffic are there for us to prioritize their brands. We are enthusiastic to become shareholders in B90 Holdings plc.”