Esports Entertainment Group, Inc. (EEG), an esports entertainment and online gambling company, today announced the signing of an agreement to acquire Gameday Group’s B2C business, operating under the ‘Bethard’ brand by Bethard Group Limited, a fast-growing sports betting operator that generated US$31 million in revenue in 2020. Under the terms of the agreement, EEG will pay €16million (£13.8million/US$19.5 million) in cash and a 12% net gaming revenue share for two years. The acquisition is expected to close on July 1, 2021. As a result of the transaction, Esports Entertainment Group is raising its fiscal 2022 revenue guidance to $100 million to $105 million.
“This is another great addition for Esports Entertainment Group that substantially increases our revenues and available markets,” commented Grant Johnson, CEO of Esports Entertainment Group. “With this transaction, we expect to gain two new gaming licenses, including one in the strategically important Swedish market. At the completion of the license hand over we will have 6 tier one licenses.”
Bethard is an iGaming company that offers sports betting and casino games online. The company was founded in 2012 and consists of a team of passionate individuals who shares a vision of taking sports betting and casino to the next level. Bethard has a strong focus on responsible gambling with best-in-class compliance functions in order to act properly and in a sustainable way in regulated markets. The company is based in St. Julians, Malta.
According to ResearchAndMarkets.com, the global gaming market reached a value of $167.9 billion in 2020 and is forecasted to grow at a 9.2% CAGR through 2026, reaching $287.1 billion.