Bethard, a B2C sports betting and online casino operator, has been acquired by Esports Entertainment Group (EEG) from its parent firm Gameday Group.
The deal comprises a cash payment of €16 million (£13.6 million) and a two-year net gaming revenue share of 12%. Bethard made $31 million (£22.4 million) in revenue in 2020, according to a press statement.
The purchase of Bethard (which is run by Bethard Group Limited) has opened up betting markets in both Spain and Sweden. Esports Entertainment Group increased its revenue projection for fiscal 2022 from $100 million (£72.3 million) to $105 million (£75.9 million) as a result of the deal.
“This is another tremendous addition for Esports Entertainment Group that significantly improves our revenue and available markets,” said Grant Johnson, CEO of Esports Entertainment Group. This agreement will result in the acquisition of two new gaming licences, one of which will be in the strategically vital Swedish market. We’ll have a total of 6 tier one licences globally with these additions.”
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EEG has had a very active year. The global entertainment and gaming company’s geographic and demographic reach has grown. EEG was named esports partner of the Hall of Fame Village earlier this month, a marketing partner of the New York Rangers in June, and official esports tournament provider of the Denver Broncos in March.
As professional organisations aim to engage the young betting population, the distinctions between betting on traditional sports and competitive video games continue to blur. According to the Swedish Gambling Commission, Sweden is a promising new betting market for EEG, with a market value of SEK 24,7 billion (£2 billion) in 2020. (SPER).
According to BtoBet, Spain produced €850.7 million (£726 million) in gross online gaming last year. While this figure appears insignificant in comparison to Sweden, it represents a 13.7 per cent year-over-year rise.