Esports Entertainment, a licensed online gambling company with a focus on esports wagering has announced that it has signed a binding Letter of Consent to acquire LHE Enterprises, the holding company of online sportsbook and casino operator Argyll Entertainment.
Grant Johnson, Chief Executive Officer at Esports Entertainment, commented that with Argyll generating annual revenue of approximately $12.05m (£9.7m/€22.1m), the acquisition would have a major positive impact on the business.
Johnson went on to say that in the current global environment of Covid-19 there has been a surge of interest in online gaming to fill the void left by traditional sports and other activities.
He also said that Argyll’s established footprint and revenue base, combined with their strong cash position for their successful April capital raise combined with their esports betting platform, places Esports Entertainment in a great position to capitalize on this evolving opportunity.
Argyll Entertainment was established in 2017 and currently runs two brands, SuperNation.bet and US sports-focused RedZone. The company previously operated a site based around the former footballer and radio personality Alan Brazil, BetOnBrazil that was replaced by SportNation and GiveMeBet, a white label operated for sports media portal and soon-to-be-former Bragg Gaming subsidiary GiveMeSport.
GiveMeBet players are now unable to place bets as the company is due to cease operations from 1st June 2020. Players visiting the site are being advised to sign up to SportNation.
Argyll employs 40 staff and is powered by SBTech’s sports betting technology through a deal agreed in 2017 and thereafter renewed for a further five years in January of this year. It has been licensed by the GB Gambling Commission and Irish Revenue Commissioners.