sports Entertainment Group announced Thursday it has signed a binding Letter of Intent (LOI) to acquire LHE Enterprises Ltd, the holding company of online sportsbook and casino operator Argyll Entertainment AG and its operating support subsidiaries (Argyll).
Since launching its flagship brand, www.sportnation.bet, in the summer of 2017, Argyll has established itself as a fast growing gaming company within the UK and Irish market leveraging the expertise of its 40 strong staff in marketing, technology, risk management, and regulation to offer its customers an entertaining, safe and secure online gaming experience, an award winning rewards program, and access to exclusive and proprietary sports and gaming content.
“With Argyll already generating around $12 million in revenue annually, this acquisition will have a major positive impact for our company,” commented Grant Johnson, CEO of Esports Entertainment Group. “In the current global environment of COVID-19 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.”
Argyll, incorporated in Switzerland, with operational support services in London, UK and Malta, is licensed and regulated by the UK Gambling Commission and the Irish Revenue Commissioners to operate online sportsbook and casino sites in the UK and Ireland, respectively.