XB Systems has reached an agreement to merge its esports betting brand X-Bet.co with UltraPlay’s white-label platform BUFF.bet in a deal said to bolster its planned initial public offering (IPO).
As a result of the deal signed in February, X-Bet.co will assume management and operations of the merged business and operate under BUFF.bet banner. The Bulgarian esports betting solutions company UltraPlay will remain the platform provider of the joint venture for “the foreseeable future.”
Daniel Miller, CEO of XB Systems, commented on the newly-formed venture in a release: “The merger is an absolute recipe for success and a win-win situation for everyone; under the Buff.bet brand we are targeting a major slice of the global esports market. With our unique proposition of media portal and esports betting site powered by UltraPlay’s data and betting solutions, we are certain that our market share will grow massively over the next 24 months.”
In addition to the merger’s ambition of providing “the ultimate esports betting experience,” XB Systems is readying an IPO for its business. Boutique financial advisory service provider JP Capital Investments has been appointed as a partner for the upcoming IPO. A release also identifies Swiss-based firm Raptor Consulting GmbH as “a major contributing factor” in the successful execution of the merger, accompanying XB Systems since its inception specialising in capital raising.
Mario Ovcharov, CEO of Ultraplay, added: “We believe that X-Bet.co and Buff.bet will form a great synergy together. With the two sites joined forces and the experienced management team of XB Systems firmly in place, Buff.bet will undoubtedly go from strength to strength becoming one of the leading esports betting operators worldwide.”
UltraPlay, which was founded in 2010 with a core ambition to offer advanced betting solutions for sports and esports, has previously operated as a provider for GG.Bet, Buff88, and LOOT.BET, among others. In 2016, UltraPlay revealed ODDS.gg, a real-time esports data feed product, offering esports pre-match and live market odds to sportsbooks for free.
Esports Insider says: The merger at hand will bring together a number of powerful entities in the esports gambling space for what should be a strong effort to offer great product for bettors.