Esports Entertainment Group has signed a definitive agreement to acquire online sportsbook and casino Argyll Entertainment, with the acquisition expected to be completed by 31st July.
The move forms part of Esports Entertainment Group’s desires to expand into traditional betting alongside its core esports product.
Through this deal, the first-ever NASDAQ-listed esports company will acquire all of Argyll Entertainment’s operating subsidiaries.
Esports Entertainment Group had written a letter of intent to acquire Argyll’s parent company LHE Enterprises back in May.
“A stronger proposition for affiliates”
Group CEO Grant Johnson spoke to Affiliate Industry Review about the soon-to-be-finalised acquisition of Argyll Entertainment and how it will benefit the company’s operations going forward. He discussed becoming more attractive to affiliates, plus more.
“The acquisition of Argyll will strengthen our position as we engage in mainstream sports betting which sits comfortably alongside the esports sector.
“This will also allow us to build a stronger proposition for affiliates who have been showing growing interest in this sector and we have big plans to invest in this as part of our digital acquisition strategy.”
Over the spring, Esports Entertainment Group began to onboard hundreds of affiliate partners via its vie.gg platform. At that time, Johnson had mentioned that affiliates would form an important part of the company’s organic growth strategy over the course of this year.
Things are shaping up nicely
The acquisition of Argyll will be Esports Entertainment Group’s first as a NASDAQ-listed company. As things begin to shape up, Argyll CEO Dan Tilly and CFO Dan Marks have already joined the senior leadership team at EEG. They will take the roles of Corporate Secretary and CFO respectively.
As was reported on Global Newswire, Tilly discussed the new joint venture.
“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 capitalise on the wealth of opportunities ahead in this rapidly growing market.”