Esports Entertainment Group acquires Bethard

Esports Entertainment Group (EEG) announced the signing of an agreement to acquire Gameday Group's B2C business, operating under the Bethard brand by Bethard Group Limited, 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 million ($19.5 million) 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 is raising its fiscal 2022 revenue guidance from $100 million to $105 million.

The CEO of Esports Entertainment Group Grant Johnson, said: "This is another great addition for Esports Entertainment Group that substantially increases our revenues and available markets. 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 is an iGaming company that offers sports betting and casino games online. Bethard focuses on responsible gambling with compliance functions in order to act properly and in a sustainable way in regulated markets. The company is based in St. Julians, Malta.

According to ResearchAndMarkets.com, the global gaming market reached a value of $167.9 billion in 2020 and is forecasted to grow at a 9.2% CAGR through 2026, reaching $287.1 billion.