Esports Technologies Secures Access to UK Gaming License

Rhea-AI Summary

Esports Technologies (Nasdaq: EBET) announced acquiring a UK gaming license via a $75.9 million deal for Aspire Global's B2C assets. This acquisition adds 1.25 million deposited customers from popular brands like Karamba and Hopa, which together generated $1.86 billion in wagers and $183 million in cash deposits over the last year. The UK is a lucrative gaming market, with online gaming accounting for around 40% of the estimated $19.2 billion gaming revenue. COO Bart Barden emphasized the strategic importance of this license for expanding their esports products in the UK.

Positive

• Acquisition of UK gaming license opens access to a large market.
• The deal brings 1.25 million new deposited customers.
• Acquired brands had $1.86 billion in wagering and $183 million in cash deposits.

Negative

• None.

LAS VEGAS, Dec. 7, 2021 /PRNewswire/ -- Esports Technologies, Inc. (Nasdaq: EBET), a leading global provider of award-winning advanced esports wagering products and technologies, announced today that it secured access to a UK gaming license through an operator services agreement  signed along with the $75.9 million acquisition of Aspire Global's (STO: ASPIRE) B2C assets.

Through the deal, Esports Technologies gained 1.25 million deposited customers, the majority of them from UK-focused online sportsbook and casino brands Karamba, Hopa, and Griffon Casino. Other brands acquired include BetTarget, Dansk777, and GenerationVIP. The brands recorded wagering of $1.86 billion and $183 million in cash deposits in the most recent 12-month period ending September 2021.

The UK offers one of the world's largest gaming markets. According to the UK Gambling Commission, Great Britain's gaming revenue from April 2019 to March 2020 was approximately $19.2 billion. Online gaming has become the largest sector, accounting for roughly 40% of that total revenue.

Bart Barden, COO, Esports Technologies, said, "Gaining access to this UK gaming license is a massive strategic milestone for Esports Technologies. We're thrilled about this highly lucrative gaming market, and we look forward to bringing our portfolio of esports products to the UK."

About Esports Technologies
Esports Technologies is developing groundbreaking and engaging wagering products for esports fans and bettors around the world. Esports Technologies is one of the leading global providers of esports product, platform and marketing solutions. The company operates a licensed online gambling platform, gogawi.com, that offers real money betting on esports events and professional sports from around the world in a secure environment. The company is developing esports predictive gaming technologies that allow distribution to both customers and business partners.

For more information, visit: https://esportstechnologies.com.

Forward-Looking Statements: This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements involve risks and uncertainties. These statements relate to future events, future expectations, plans and prospects. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, actual results or outcomes may prove to be materially different from the expectations expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed in the Company's filings with the Securities and Exchange Commission, including as set forth in the "Risk Factors" section of the Company's final prospectus, which was filed with the Securities and Exchange Commission on April 16, 2021, as updated by the Company's subsequent Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

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SOURCE Esports Technologies, Inc.

FAQ

What did Esports Technologies announce on December 7, 2021?

Esports Technologies announced it secured access to a UK gaming license through a $75.9 million acquisition of Aspire Global's B2C assets.

How many customers did Esports Technologies gain from the acquisition?

Esports Technologies gained 1.25 million deposited customers from the acquisition.

What was the total wagering for the brands acquired by Esports Technologies?

The brands recorded total wagering of $1.86 billion in the most recent year.

What percentage of the UK gaming market is online gaming?

Online gaming accounts for approximately 40% of the total UK gaming revenue.

What is the significance of the UK gaming license for Esports Technologies?

The UK gaming license is considered a massive strategic milestone for expanding esports products in a lucrative market.