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Esports Entertainment Group to raise funds through an offering for major growth initiatives

It could raise up to $11,500,000 to get licenses for new operations in Asia and Malta, and launch skill-based video game tournaments on mobile devices, and personal computers

A sports-betting tournament
Esports Entertainment is a licensed online gambling company focused on e-sports wagering and gaming for adults

Esports Entertainment Group Inc (OTCQB:GMBL), a licensed online gambling company, filed a Form S-1 registration statement Friday with the Securities and Exchange Commission for a proposed offering of its securities.

Though the number and type of securities to be offered and the price range for the offering have not yet been determined, the proposed maximum aggregate will be in the range of $11,500,000, said the company in a statement.

READ: Esports Entertainment believes gaming is turning lucrative and coming into its own

The company expects to use the net proceeds from the proposed offering to execute on a number of growth initiatives listed below. 

• Obtain a proposed license in, and establish operations in Malta

• Similarly, obtain an online gaming license from, and establish operations in a still-to-be-decided Asian country

• Develop and launch skill-based video game tournaments for play on mobile devices

• Launch skill-based video game tournaments for play on PCs and video game consoles

• Upgrade sales and marketing capabilities

• Purchase from a related party a software license for the company's gambling platform

Some of the capital will also be funneled into working capital and other general corporate purposes.

Joseph Gunnar & Co and Dinosaur Financial Group will be co-underwriters for the proposed offering which will be made only by means of a prospectus.

Esports Entertainment Group is an internet gambling company for the new world of professional video games. Much like traditional sports gamblers betting on their favorite EPL team, EEG allows e-sports fans to bet against each other in support of their favorite e-sports team.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Quick facts: Esports Entertainment Group, Inc.

Price: 4.68 USD

NASDAQ:GMBL
Market: NASDAQ
Market Cap: $58.83 m
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