Partis Advises Esports Entertainment Group On Acquisition of Bethard
Partis is pleased to have advised, the US-based, esports and online gambling provider, Esports Entertainment Group (NasdaqCM: GMBL) on its acquisition of Gameday Group’s B2C business, operating under the ‘Bethard’ brand by Bethard Group Limited (“Bethard”), a fast-growing sports betting operator that generated $31 million in revenue in 2020.
Under the terms of the agreement, EEG will pay EUR 16 mil ($19.5 mil) 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 updated fiscal 2022 revenue guidance to $100 million - $105 million.
Esports Entertainment Group is a U.S. based, full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Esports Entertainment Group maintains offices in New Jersey, the UK and Malta and has its common shares listed in the U.S. on NASDAQ under the symbol “GMBL”.
“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’s current owners, Gameday Group, are pursuing a B2B strategy and will continue to provide white label services to third-party branded casino and sportsbook providers. iGaming operator Bethard offers sports betting and casino games online. The company was founded 2012 and consists of a team of passionate individuals who share 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.
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