Esports Entertainment Group Inc (NASDAQ:GMBL) announced that it has finalized its binding agreement to acquire the Esports Gaming League (EGL), with the deal expected to close before January 8, 2021.
EGL is a business-to-business (B2B) centric provider of live and online events and tournaments, with more than 350,000 registered gamers, where participants can compete and enjoy a wide range of content relating to esports and video games. Its proprietary technology platform provides services such as full turnkey esports events, live broadcast production, game launches, and online branded tournaments.
"We are excited to finalize this acquisition and continue to expand EGL’s presence here in North America,” Esports Entertainment Group CEO Grant Johnson said in a statement.
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He added: “In addition to our announcements with the LA Kings, LA Galaxy and Philadelphia Union we are in discussions with many additional sporting organizations that are interested in exploring the ways that they can engage their fanbases through esports.”
Esports Gaming League CEO Glen Elliott also weighed in on the pending acquisition, stating: “We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology and resources to further grow our client roster.”
“The vision Grant has around building an esports ecosystem is visionary for the industry and EGL is a perfect fit,” he said.
Esports Entertainment Group reported recently that EGL has signed an agreement with Arsenal Football Club to manage its Pro Evolution Soccer roster for the eFootball League.
In November 2020, Esports Entertainment said it expects to generate $13 million in revenue in fiscal 2021 and $42 million in revenue along with $2 million in EBITDA in fiscal 2022 after completing its acquisitions of Helix Esports and ggCircuit.
Esports Entertainment is a licensed online gambling company with a focus on esports wagering and 18+ gaming. The company offers fixed-odds wagering, fantasy and pools on various esports events and has offices in New Jersey, the UK and Malta.
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