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Fiona Simmons February 20, 2023 3 min read
EEG to Sell Bethard as It Continues Paying Off Debts
The sale will help Esports Entertainment Group further streamline its business as the company continues dealing with debts
Esports Entertainment Group (EEG) has announced that it will be selling its Bethard online gambling brand. The buyer will pay a total of $10.14 million (converted to USD from Euro) for the Malta and Sweden-licensed brand.
As announced, the sale sum will be comprised of $1.76 million of cash on closing and $6.94 million of purchase considerations attributed to the EEG’s release from payment of its contingent consideration liability from the Bethard deal. The buyer will also assume liabilities of around $1.28 million, the announcement reads.
According to EEG, the deal, which is still subject to customary closing conditions, will close within two weeks of the initial purchase agreement.
EEG Has Been Streamlining Its Business amid Financial Trouble
The sale of the Bethard brand comes in the wake of an earlier announcement when EEG noted that it is closing its UK-oriented Argyll brand. At the same time, the EEG-owned SportNation and RedZone businesses announced their decision to leave the United Kingdom.
In 2022, EEG also closed its esports-oriented sportsbook Vie.gg. The wagering site, which was available in the United Kingdom, Spain and New Jersey, was shut down on November 1, a few days following the announcement. Maintaining the site was simply too costly, EEG cited as a reason for terminating the brand.
The news came amid troubled times for EEG, as it recorded liquidity problems and parted ways with Damian Mathews, its former chief financial officer.
EEG plans to now focus on Lucky Dino iGaming, a brand operating on the group’s in-house Idefix platform. Overall, the group’s current strategy is to minimize its debt while focusing on its core iGaming assets.
The Company Cut Its Debt in Half
Between September 30, 2022, and February 16, 2023, Esports Entertainment Group was able to reduce its debt from $32.2 million to $15.5 million.
Alex Igelman, the chief executive officer of Esports Entertainment Group, commented on the company’s activities. He noted that he is delighted by the success of the company’s efforts to reduce debt and instead focus on key online gambling assets.
Igelman added that EEG remains keen on becoming a globally-renowned company for esports wagering.
We remain committed to building a world-class esports gambling operation that is global in reach and that provides esports content and strategic services to those involved in esports gambling, as well as those seeking to enter the market.Alex Igelman, CEO, EEG
The CEO concluded that he is very encouraged and pleased with how efficient EEG’s senior management has been when it comes to effectuating the company’s ambitions.