- The expected growth in the US sports betting market is what pushed XLMedia to acquire CBWG.
- CWBG has the largest independently owned sports betting affiliate networks in the United States.
- XLMedia will pay $12 million in cash and could potentially pay up to an additional $9.5 million in the future.
NEW YORK — XLMedia has announced its acquisition of CBWG confirming the company’s mission of expanding in the burgeoning US sports betting market.
CBWG is being bought out by XLMedia for $12 million upfront while also receiving shares valued at $3.5 million and a future payment of up to $9.5 million depending on factors in the company.
“It is great to have acquired such an attractive set of assets during an inflection point for the U.S. Sports betting market,” said Stuart Simms, CEO of XLMedia. “On some estimates, almost 60% of the U.S. population is set to have legal access to Sports betting by the end of 2022 – this could include New York, where one of the key assets, EliteSports.com is focused.”
CB Sports and Warrick Gaming are the joint companies that make up CBWG. The CEO’s of CWBG Kyle Scott and Jason Ziernicki will still stay heavily involved despite the acquisition.
“The strategic vision XLMedia has for the U.S. is a big reason why we decided to join forces with Stuart and his team. By combining our resources, I believe we have a collective vision that will take XLMedia to new heights here in the U.S. underpinned by strong affiliate-based growth to ultimately build a major media brand,” said Ziernicki.
CBWG has one of the largest independently owned sports betting affiliate networks in the US and XLMedia will be getting a good stronghold in the overall market. XLMedia will be taking ownership over the major affiliate sports betting sites CBWG has owned and operated for years.
The Network of Sports Betting Affiliate Sites CBWG Owned
Moving forward this acquisition has the potential to pay off big for XLMedia especially as more states start to legalize sports betting sites as projected. The local markets that CBWG has tapped into will be crucial for the success of this acquisition and to make XLMedia a force in the US sports betting market.
“Our core audience is comprised of sports fans who appreciate honest and authentic voices. With our owned sites and agency partnerships, including brands that have built loyal audiences over a decade, we have trusted voices in local sports markets,” said Scott.
This will likely not be the last acquisition or partnership XLMedia makes as they continue to grow their presence in the US.
News tags: CB Sports | CBWG Media | Jason Ziernicki | Kyle Scott | Warrick Gaming | XLMedia
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