sports Entertainment Group signed a definitive agreement to acquire LHE Enterprises Ltd, the holding company of online sportsbook and casino operator Argyll Entertainment AG and its operating subsidiaries (Argyll). Closing of the acquisition is expected to occur on or before July 31, 2020.
“Reaching a definitive agreement to complete our first acquisition as a NASDAQ company is a major milestone,” commented Grant Johnson, CEO of Esports Entertainment Group. “Argyll CEO Stuart Tilly and CFO Dan Marks already joined our senior leadership team in June as Corporate Secretary and Chief Financial Officer, respectively. They are a great addition to our organization and will help us build on Argyll’s base of more than 100,000 registered users, placing us in a great position to grow revenue moving forward.”
“As a fast growing and innovative online gaming company licensed in the UK and Ireland, Argyll offers Esports Entertainment Group access to exclusive and proprietary sports and gaming content, including the flagship SportNation.bet brand and an award-winning rewards program, which was a major driver of Argyll’s $12 million in revenue in 2019,” added Tilly. “The esports industry is the strongest it’s ever been, and the strengthened financial position of our combined operations together with the ability to leverage the expertise and deep domain knowledge of its 30 strong staff in marketing, technology, risk management, and regulation will put Esports Entertainment Group in a great position to capitalize on the wealth of opportunities ahead in this rapidly growing market.”
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.