Esports Entertainment Group has signed a definitive agreement to acquire online sportsbook and casino Argyll Entertainment, with the transaction due to be finalised ‘on or before July 31’.
The group had previously expressed its intention to acquire Argyll’s parent company LHE Enterprises back in May, with the move forming part of Esports Entertainment Group’s expansion into the traditional betting space.
While the terms of the acquisition have not yet been disclosed, Esports Entertainment Group described the deal as a ‘major milestone’.
“Reaching a definitive agreement to complete our first acquisition as a NASDAQ company is a major milestone,” commented Grant Johnson, CEO of Esports Entertainment Group.
“Argyll CEO Stuart Tilly and CFO Dan Marks already joined our senior leadership team in June as Corporate Secretary and Chief Financial Officer, respectively. 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.”
Tilly added: “As a fast growing and innovative online gaming company licensed in the UK and Ireland, Argyll offers Esports Entertainment Group access to exclusive and proprietary sports and gaming content, including the flagship SportNation.bet brand and an award-winning rewards program, which was a major driver of Argyll’s $12 million in revenue in 2019.
“The esports industry is the strongest it’s ever been, and 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.”