Esports betting operator Esports Entertainment Group has struck a deal to acquire the UK-based Esports Gaming League (EGL).
EGL, which was founded in 2010, operates live and online events that bring together gamers from Europe, the Middle East and the Americas to play via a proprietary platform that has more than 350,000 registered users.
Aside from operating the tournaments, EGL’s services include live broadcast production and game launches. EGL has worked with brands such as Microsoft, Red Bull, Arsenal and Activision.
“At our IPO we committed to having a tournament platform up and operational before the end of the calendar year, and with this transaction, we have delivered on this commitment,” Esports Entertainment Group chief executive Grant Johnson said.
“EGL generated approximately $1.3m in revenue last year and is positioned for triple-digit growth moving forward.
“Their complementary platform, large user base, excellent team, and marquee advertising partner relationships are key drivers behind this transaction. Together, I believe we can accelerate growth both in the US and internationally.”
The terms of the deal were not disclosed, but the transaction marks just the latest in a string of acquisitions by Esports Entertainment Group, which applied to list its common shares on the NASDAQ Capital Market in June 2019.
Earlier this month, the company signed a letter of intent to purchase certain assets of mobile games studio Flip Sports just weeks after completing the acquisition of online betting and gaming operator Argyll Entertainment and its operating subsidiaries.
The business also recently entered into a partnership with independent capital markets adviser Akur Capital to help identify additional expansion opportunities.