Esports Entertainment Group has finalised its acquisition of online sportsbook and casino operator Argyll Entertainment AG for an undisclosed sum.
As part of the takeover, Esports Entertainment Group has purchased Argyll’s parent company LHE Enterprises in addition to its operating subsidiaries.
“Acquisitions are an important component of our growth strategy and completing our first acquisition as a NASDAQ company is a tremendous milestone for us,” commented Grant Johnson, CEO of Esports Entertainment Group.
“Argyll generated $12 million in revenue in 2019, and with its base of more than 100,000 registered users, combined with the deep domain knowledge of its accomplished team, we have a strong foundation to build upon as we seek to capitalize on the wealth of opportunities ahead in this rapidly growing market.”
The group had previously expressed its intention to acquire Argyll back in May, with the move forming part of Esports Entertainment Group’s expansion into the traditional betting space.
Argyll CEO Stuart Tilly and CFO Dan Marks joined the Esports Entertainment Group senior leadership team in June as Corporate Secretary and Chief Financial Officer, respectively.
Earlier this week, Esports Entertainment Group strengthened its executive leadership ranks after confirming the appointment of Jeff Cohen as Vice President of Strategic Planning and Investor Relations.