Philadelphia-based Entercom Communications Corp., a leader in audio content for local sports radio and news, announced it has closed on the acquisition of sports data and iGaming affiliate platform QL Gaming Group (QLGG) in an all-cash deal for approximately $32 million.
The acquisition brings unrivaled data, analytics and insight-driven content to Entercom’s best-in-class sports broadcast stations, influential podcasts and Radio.com, the fastest-growing digital audio platform in the U.S.
The QLGG technology portfolio includes sports betting data and analytical capabilities (BetQL), daily fantasy sports (RotoQL), simulation-based sports outcome predictions and game forecasting (AccuScore), and comprehensive analytical coverage of the ATP and WTA Tours (TennisInsight.com), each with respective subscriber base and licensing opportunities.
“As the sports betting marketplace continues to grow exponentially, the acquisition of QL Gaming Group is a perfect fit for our unrivaled sports audio platform,” said David Field, chairman, president and chief executive officer of Entercom. “Integrating QL’s analytics and content with our sports brands enables us to deliver unparalleled experiences for sports fans. The acquisition builds on our track record of digital growth and further enhances our direct-to-consumer technology portfolio with data and analytics capabilities, while also adding an innovative new subscription offering to our platform.”
Justin Park, co-founder and CEO of QLGG, will continue to lead the business reporting to Mike Dee, president of sports, and J.D. Crowley, chief digital officer. In 2021, under the company’s first full year of ownership, QL Gaming Group is expected to generate approximately $12 million in revenue with an EBITDA margin in the high 20s.
“We are thrilled to be joining the leading sports audio platform, bringing our betting insights and expertise to such a loyal and dedicated fan base,” said Justin Park, Co-Founder and Chief Executive Officer, QLGG. “Between our capabilities to make bettors better and the influence Entercom’s platform provides, we can now offer a wholly unique proposition to the sports enthusiast that is second to none.”
Core to the new offering is QLGG’s powerful sports betting app, BetQL. The app democratizes sports betting through a proprietary algorithm and advanced analytics, delivering direct-to-consumer data which will now be amplified across Entercom’s sports audio portfolio reaching nearly 30 million sports fans monthly. The new subscription-based offering simplifies sports betting, from the novice to professional, and gives consumers access to real-time sports data, news and content across any device, speaker or screen.
