Double Company Sale Success
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Kendall tells a story about how he managed to sell his gambling affiliate business twice to the same company.
"I sold it first for $15 million plus equity. At that time New Jersey was big - it was the first legal state that had casino and poker. We focused on that and did really well.
The deal I made was unique - I told them 'We'll sell you New Jersey, and any future state we'll get 50% of.' They agreed because they didn't really care at that time, they were just focused on New Jersey and being the biggest affiliate in the US market.
We started running it, I had a 3-year earnout. The first year was good, and that's when sports betting got legalized. The business started booming - New Jersey had it but then a lot of other states were excited about offering it. Suddenly we had like 10 states coming online.
The company came back and said 'We cannot give you 50% of this, this is just too much liability.' So we said 'No problem, we just need a big check.' They came up with a situation that worked for both of us - part stock and part cash. In total it was around $50 million."
Kendall Saville
I am a founder of SEO-driven companies, an investor in exciting ideas, and Board Member of AMRK and Milk Road.
Kendall co-founded the largest US online gambling network which sold to Catena Media (STO: CTM) in 2017 as their largest acquisition to date. He founded i15 Media in March 2020 and sold it to Catena Media (STO: CTM) in September 2021.