Esports Entertainment Group has completed the acquisition of Bethard Group, a Malta-based online gaming company, in a deal that the company describes as “another great addition.”
Bethard, which controlled Gameday Group’s business-to-consumer division, acquired Swedish and Spanish gaming licences as part of the deal. With the acquisition, the company will be able to grow its European portfolio to three brands, including Bethard, SportNation.com, and Vie.bet.
The deal comprises a €16 million ($19.5 million) cash payment and a two-year net gaming revenue split of 12 percent. Bethard made $31 million in revenue in 2020.
As a result of the deal, the firm has increased its revenue projection for the fiscal year 2022, which it now anticipates to be in the range of $100 million to $105 million.
Increased revenue and available markets
Grant Johnson, CEO of Esports Entertainment Group said: “This is another great addition for Esports Entertainment Group that substantially increases our revenue and available markets.
“We will gain two new gaming licenses from this transaction, including one in the strategically important Swedish market. With these additions, we’ll have a total of six tier one licenses globally.”
Following the sale of Bethard, Gameday Group management stated that the company would follow a sole B2B strategy, with the company offering its services to help white label companies, igaming, and sportsbook operators improve their performance.