Certainly in recognition of failure and over-reach, EEG, the Esports Entertainment Group, is pushing back on the full stack and returning to what it says on the tin.
Along with booting Chief Executive Grant Johnson, the troubled Malta-based want-it-alls, who have been rocked by debt default and big operating losses in recent years, have now decided to drop the iGaming gambit and concentrate, instead, on an esports core.
Whether this will save the operator from the proverbial knacker’s yard remains to be seen.
In May EEG, avowedly built on the three verticals of games, iGaming and technology, conceded there were “serious concerns” over its ongoing financial viability.
Then in October there were further revelations about a mystery creditor when they defaulted on a loan repayment.
In more bad news, they are now facing de-listing on the Nasdaq technology stock exchange.
So EEG, already jettisoning its RedZone and Sport Nation brands in the UK, is also planning to off-load its Spanish online casino and go back to basics, while it searches for a new CEO.
Mz Honour To The Rescue
Meantime, they have appointed political and gaming heavy-weight Jan Jones Blackhurst-–the first woman mayor of Las Vegas (1991-1999)–as the new chair of their board.
“Grant recognised the value of esports and online gambling and founded EEG on that basis,” said Blackhurst.
“On behalf of the board, we wish him well.
“The company is looking forward to bringing in new leadership to work with the board to realise the full potential of our acquired esports businesses.”
At least with their cutting-edge proprietary EGL.tv platform they’ve got an ace up their sleeve.
But whoever is appointed to the EEG hotseat, it looks like an open and shut case of merger or die.