Betting enterprise Esports Entertainment Group (EEG) has completed the acquisition of LHE Enterprises Ltd, the holding company of online sportsbook and casino operator Argyll Entertainment.
Argyll Entertainment operates within the United Kingdom and Irish markets, carrying both a UK Gambling Commission and Irish Revenue Commissioners license. The investment will include Argyll’s flagship gambling brand SportNation.bet, which launched in the summer of 2017.
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Esports Entertainment Group CEO Grant Johnson commented on the acquisition in a release: “Acquisitions are an important component of our growth strategy and completing our first acquisition as a NASDAQ company is a tremendous milestone for us. Argyll generated $12 million in revenue in 2019, and with its base of more than 100,000 registered users, combined with the deep domain knowledge of its accomplished team, we have a strong foundation to build upon as we seek to capitalize on the wealth of opportunities ahead in this rapidly growing market.”
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In June, EEG appointed Stuart Tilly and Dan Marks, two former Argyll C-level executives, to leadership positions within the company. Last week, the company added Jeff Cohen, formerly with Wall Street investment bank and assets manager Stephens Inc, as Vice President of Strategic Planning and IR.
The gambling group became the first publicly traded esports wagering company just a month prior in April; EEG’s common shares are listed on the NASDAQ under the ticker symbol “GMBL.”
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In addition to SportNation.bet, EEG will continue managing esports betting platform VIE.gg. The sportsbook will be the headline sponsor of an online Counter-Strike: Global Offensive tournament in partnership with Allied Esports later this month.
Esports Insider says: Esports Entertainment Group has wasted no time expanding its business in the last several months. The collective has brought in key executive hires, made its public listing, created a US-focused subsidiary, and has now acquired Argyll Entertainment.