Esports Entertainment completes Bethard acquisition

Esports Entertainment Group has completed its acquisition of the Malta-based sportsbook Bethard.

Malta.- Esports Entertainment has completed its acquisition of Gameday Group’s B2C business, Bethard.

The group has raised its revenue guidance to $105m following completion of the $27m deal. 

Esports Entertainment announced the deal in May. It involved a €16m cash payment and 12 per cent net gaming revenue share for two years. 

Bethard is based in Malta and is licensed to operate in Sweden and Spain. It generated $31m in revenue in 2020.

Grant Johnson, chief executive of Esports Entertainment, said: “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 six tier one licenses globally.”

Shortly after the company announced its deal to buy Bethard, UEFA said it would fine AC Milan and Sweden forward Zlatan Ibrahimović €50,000 after concluding that he had maintained a financial interest in the sportsbook.

The governing body for European football launched an investigation after Swedish media outlet Aftonbladet reported that Ibrahimovic owned 10 per cent of Sweden and Spain-facing Bethard through his stock company Unknown AB.

Esports Entertainment has made several major acquisitions in the past year, including Lucky Dino Gaming, Olaspill, Kalevala Kasino and Casino Jefe.

It reported revenue of $5.4m for the first quarter and a net loss of $12.4m.