Esports gambling company Esports Entertainment Group has signed a letter of intent to acquire Esports Gaming League (EGL).
Founded in 2005, EGL is an online tournament provider, a broadcaster, and event organiser.
EGL organises online tournaments for Call of Duty, FIFA, Fortnite, Gears of War, VALORANT, and WST Snooker. In December 2019, the company partnered with English football Club Arsenal FC to manage its PES eFootball roster for Konami’s eFootball League. It’s also working with The Coalition to help deliver Gears of War Esports.
Grant Johnson, CEO of Esports Entertainment Group, commented on the potential deal in a release: “At our IPO we committed to having a tournament platform up and operational before the end of the calendar year, and with this transaction, we have delivered on this commitment. EGL generated approximately $1.3 million in revenue last year and is positioned for triple-digit growth moving forward.
“Their complementary platform, large user base, excellent team, and marquee advertising partner relationships are key drivers behind this transaction. Together, I believe we can accelerate growth both in the US and internationally.”
Esports Entertainment Group has looked to bolster its portfolio in recent few months, having acquired LHE Enterprises Ltd, the holding company of online sportsbook and casino operator Argyll Entertainment, and signing a letter of intent to acquire assets from mobile games studio FLIP Sports.
Glen Elliott, CEO of EGL, added: “We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology and resources to further grow our client roster. The vision Grant has around building an esports ecosystem is visionary for the industry and EGL is a perfect fit.”
Esports Insider says: EEG has been on a warpath for a few months now, aggressively looking to expand its footprint in esports – including the recent acquisition of the naming rights for Dignitas’s CS:GO roster. EGL is a mainstay in its avenue and seems as if it would be a solid grab for EEG.