HeadsUp Entertainment International has announced that it has signed a letter of intent to acquire a 50 per cent stake in VIP Entertainment Group, with several other potential acquisitions also in the pipeline.

Operating across a variety of global gaming verticals, including online casino, sports betting and online poker, VIP boasts five sportsbook brands, spearheaded by the group’s VipBets.com entity, five online casino brands and an online poker platform.

Coinciding with the announcement, HeadsUp also confirmed that it will be unveiling its new management team and board of directors soon, a move it asserts will “support the company vision to become a leader in gaming, lottery, 50/50 digital, bingo and esports sectors”.

Licensed in Curacao, VIP has been in business since 2014 and is currently in the final stages of acquiring a UK gaming license to expand operations into new jurisdictions, supported by its global payment processing systems.

Documenting further reasoning behind the acquisition, HeadsUp confirmed in a media statement: “VIP’s audited financials show over $112,000,000 in processed wagers generating a profit of over $5,400,000 in the past 48 months. 

“Given the quickly evolving environment in the gaming industry and shifting business patterns affected by COVID-19, VIP revenues remained solid in August 2020 with over $970,000 in wagers processed which generated $93,148 in net profit.

“The LOI outlines a 3 step due diligence process that is expected to be completed within 30-45 days resulting in the closing of the definitive agreement in October. 

“This acquisition positions HeadsUp to grow its revenue base in licensed jurisdictions and is the first of several industry related growth strategies with three other acquisitions currently in negotiation.”