Esports betting operator Esports Entertainment Group has announced that it will close its purchase of online betting and gaming firm Argyll Entertainment on or before July 31, after completing a definitive deal for the acquisition.
This comes after an announcement in May that the operator had signed a binding letter of intent to acquire Argyll’s parent firm LHE Enterprises. The terms of the deal are yet to be revealed. Esports Entertainment CEO Grant Johnson described the definitive agreement as a “major milestone” for the business.
Integration of the two businesses has already commenced, with Argyll CEO Stuart Tilly and finance chief Dan Marks joining Esports Entertainment’s senior management team. Tilly has been appointed to role of corporate secretary while Marks is now the company’s chief financial officer.
“They are a great addition to our organization and will help us build on Argyll’s base of more than 100,000 registered users, placing us in a great position to grow revenue moving forward,” Johnson said.
Tilly continued that the deal would grant Espors Entertainment access to exclusive, classified content, including its flagship SportNation.bet website plus its rewards program, which he said helped drive revenue of $12 million last year.
“The esports industry is the strongest it’s ever been,” he added.
“[The] strengthened financial position of our combined operations together with the ability to leverage the expertise and deep domain knowledge of its 30 strong staff in marketing, technology, risk management, and regulation will put Esports Entertainment Group in a great position to capitalize on the wealth of opportunities ahead in this rapidly growing market.”
This follows Esports Entertainment’s listing on the US Nasdaq stock exchange in April 2020, which has come after a series of fundraising moves that has secured $6.3 million through the exercising of warrants as of June 8.
The firm additionally raised $8.4 million via its uplisting to the Nasdaq. It is now seeking to expand into the US market, having established a subsidiary, GMBL New Jersey, in May. The company now intends to apply for a sports betting license in N.J in the coming days.