Britain's Entain to buy U.S.-based Angstrom Sports for up to $266 million

(Reuters) - Ladbrokes-owner Entain on Monday agreed to acquire U.S.-based Angstrom Sports for a potential consideration of up to 203 million pounds ($266 million) as it looks to widen its footprint in the country.

The acquisition of the sports modelling, forecasting and data analytics company will comprise a total consideration of 81 million pounds and contingent payments of 122 million pounds over three years, the company said in a statement.

"Their next generation forecasting, pricing and risk management capabilities will unlock significant opportunities across BetMGM's U.S. sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering," Chief Executive Officer Jette Nygaard-Andersen said.

BetMGM is Entain's joint venture with MGM Resorts.

Over the years, Entain 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 acquisition of Angstrom is expected to be completed in the third quarter of 2023.

Shares of Entain were up almost 1% in early trading.

($1 = 0.7651 pounds)

(This story has been corrected to fix the deal value to up to 203 million pounds ($266 million), not 122 million pounds ($160 million) in the headline and paragraph 1, and clarify the deal value breakup in paragraph 2)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Dhanya Ann Thoppil)