Esport Entertainment raises revenue guidance after completing Bethard acquisition
Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) has announced the closing of its acquisition of Gameday Group’s business-to-consumer business, operating as Bethard.
As a result of the transaction, the company raised its fiscal 2022 revenue guidance to $105 million from $100 million.
Bethard, a Malta-based iGaming company with licenses in Sweden and Spain, offers sports betting and casino games online. Founded in 2012, it generated $31 million in revenue in 2020.
READ: Esports Entertainment partners with iGEA and Spectrum Gaming to bring esports to tribal nations and casinos
Esports Entertainment said the business has a strong focus on responsible gambling with best-in-class compliance functions to act properly and in a sustainable way in regulated markets.
“This is another great addition for Esports Entertainment Group that substantially increases our revenue and available markets,” CEO Grant Johnson said in a statement.
“We will gain two new gaming licenses from this transaction, including one in the strategically important Swedish market. With these additions, we’ll have a total of 6 tier one licenses globally,” he added.
The transaction includes a €16 million ($19.5 million) cash payment and a 12% net gaming revenue share for two years.
Esports Entertainment noted that according to ResearchAndMarkets.com, the global gaming market reached a value of $168 billion in 2020 and is forecast to grow at a 9.2% compound annual growth rate through 2026, reaching $287 billion.
Esports Entertainment is a full stack esports and licensed online gambling company focused on the growing world of professional video gaming. Utilizing its proprietary player-to-player wagering system, Esports Entertainment offers esports fans and enthusiasts from around the world (excluding the US) the ability to wager on all professional esports events for real money in its licensed and secure environment.
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Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/954999/esport-entertainment-raises-revenue-guidance-after-completing-bethard-acquisition-954999.html
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