Esports Entertainment Group has completed the acquisition of online betting and gaming operator Argyll Entertainment and its operating subsidiaries for an undisclosed amount.
The esports betting operator in May signed a binding letter of intent to purchase Argyll’s parent company LHE Enterprises, and earlier this month declared that the deal would go through by today (31 July).
Argyll launched its flagship brand Sportnation.bet brand in the summer of 2017, and has since carved out a presence in the UK and Irish markets, generating $12.0m (£9.1m/€10.1m) in revenue in 2019.
Esports Entertainment chief executive Grant Johnson said the purchase, its first acquisition as a Nasdaq-listed business, represents a “tremendous milestone” for the operator, and it will now seek further acquisitions as part of its growth strategy.
“With Argyll’s 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 capitalise on the wealth of opportunities ahead in this rapidly growing market,” Johnson said.
Earlier this month, Esports Entertainment also announced that it had entered into a partnership with independent capital markets adviser Akur Capital to support its ongoing mergers and acquisitions strategy.
Under the arrangement, Akur Capital will now serve as Esports Entertainment’s advisor for all M&A activity related to the online gambling sector.
Esports Entertainment listed on the US Nasdaq stock exchange in April this year.