Esports Entertainment eats up the competition in ambitious Argyll acquisition. This is the first move in a new growth strategy that could expand the company’s operations.
After months of negotiation, Esports Entertainment has sealed the deal to acquire online sportsbook and casino operator, Argyll Entertainment AG.
This milestone acquisition comes after the company listed on the stock exchange in April. CEO of the Esports Entertainment Group, Grant Johnson said that reaching their first agreement as a NASDAQ company is a major milestone.
Esports Entertainment is an online gambling company that offers sport betting and gambling for players who are over the age of 18. Argyll Entertainment is a top performing company offering sportsbook and online game services to a large portion of the UK and Ireland, with over 100,000 users.
Partnership Potential
Given the speed at which Argyll has grown after launching its flagship brand Sportnation.bet brand in 2017, it has since carved out a presence in the UK and Irish markets, generating $12.0m (£9.1m/€10.1m) in revenue in 2019.
Argyll CEO, Stuart Tilly, commented on the esport industry:
“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.”
Prior to the official merger, management teams joined forces to ensure a smooth transition with Tilly and CFO Dan Marks joining the senior leadership team as Corporate Secretary and Chief Financial Officer respectively.
Tilly indicated his enthusiasm about the potential partnership by saying:
“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.”
Since the novel Coronavirus has changed the way people access their entertainment with many land-based casinos being shuttered since March, online services and sportsbooks have seen an increase in demand, leading to a flurry of mergers and partnerships.
Covid19 Concessions
As more players found themselves stuck at home due to the lockdown restrictions of Covid19, online gaming saw a significant boost. Customers who no longer had access to land-based casinos, turned to playing online as they looked elsewhere for their entertainment.
This boost in online gambling acted as a catalyst for mergers with companies of similar mindsets partnering up for the purposes of strategic growth.
Esports, in particular, aims to expand its operations internationally and plans to continue partnering with high potential startup companies with a view of providing entertainment through mobile, console, and PC video games.
Going forward, Esports Entertainment has its eye on Akur Capital, a cross-border M&A advisory business, who specializes in both the igaming and sports betting sectors.
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