sports Entertainment Group announced on Wednesday the closing of the company’s acquisition of Gameday Group’s B2C business, operating under the ‘Bethard’ brand by Bethard Group Limited, a sports betting operator that generated $31 million in revenue in 2020.
As a result of the transaction, Esports Entertainment Group raised its fiscal 2022 revenue guidance from $100 million to $105 million.
The CEO of Esports Entertainment Group Grant Johnson, commented: “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 6 tier one licenses globally.”
Founded in 2012, Bethard is an iGaming company that offers sports betting and casino games online. The company is based in St. Julians, Malta. The deal adds licensed gaming businesses in Spain and Sweden to Esports Entertainment’s roster.
The transaction includes a EUR 16 mil ($19.5 mil) cash payment and a 12% net gaming revenue share for two years.
According to ResearchAndMarkets.com, the global gaming market reached a value of $167.9 billion in 2020 and is forecasted to grow at a 9.2% CAGR through 2026, reaching $287.1 billion.