Esports Entertainment Group inks letter of intent to acquire Argyll Entertainment

Esports Entertainment Group Inc (NASDAQCM:GMBL) (NASDAQCM:GMBLW) said it has signed a binding letter of intent (LOI) to acquire the holding company of online sportsbook and casino operator Argyll Entertainment. Esports Entertainment noted that since launching its flagship brand, www.sportnation.bet, in the summer of 2017, Argyll has “established itself as a fast-growing and innovative gaming company within the UK and Irish market”. WATCH: Esports Entertainment Group uplists to the Nasdaq and closes $8.4M amidst surge in esports industry In a statement, Grant Johnson, chief executive of Esports Entertainment commented: “With Argyll already generating around $12 million in revenue annually, this acquisition will have a major positive impact for our company." "In the current global environment of [coronavirus] there has been a surge of interest in online gaming to fill the void left by traditional sports and other activities. Argyll’s established footprint and revenue base, combined with our strong cash position from our successful April capital raise combined with our esports betting platform, places Esports Entertainment in a great position to capitalize on this evolving opportunity,” he added. Esports Entertainment is an online gambling company that focuses on esports wagering, offering fantasy, pools, fixed odds and exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at vie.gg. The company is also intending to offer users the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Contact the author of this article at calum@proactiveinvestors.com