NASDAQ-listed gambling operator Esports Entertainment Group (EEG) has announced a multi-year partnership with venture capital firm Game Fund Partners (GFP).
As part of the agreement, EEG will become a part of the Venture Capital Arm and a new planned $300 million (~£217 million) game fund.
Grant Johnson, CEO of Esports Entertainment Group, said: “We are pleased to be a part of this rapidly growing investment fund that is involved in so many excellent projects in the gaming space and beyond. We believe this relationship and investment is just the beginning of our substantial growth in financing and partnering with major projects and sports teams throughout the gaming industry.
“This partnership opens up a new path for substantial growth and added economic firepower for the company. Our strong partnership with their first-class team has already resulted in the development of Esports gambling regulation in Ohio and other states. Working with Game Fund Partners has been rewarding and a source of great opportunity for continued investment.”
According to the release, EEG will initially invest approximately $2 million (~£1,45 million) of EEG shares into 20 percent of the General Partnership of the fund. EEG will also work closely with GFP’s management and investment committee.
Jonah Blake, Chief Gaming Officer and Managing Partner at Game Fund Partners added: “We are very pleased with the integration of our expert teams in the areas of gaming, finance, entertainment and advertising. Our work with Esports Entertainment Group has been rewarding and we are now working on and exploring significant opportunities together that we believe will be leading drivers and profit centres for our fund, EEG and the industry overall.”
Additionally, the two entities will collaborate on joint projects and investment vehicles to accelerate growth for GFP in data, blockchain, online gaming and casino hotels.
Marc Kasher, Chief Investment Officer of Game Fund Partners, also said: “Our long-term partnership and the opportunity we have in working together with Esports Entertainment Group is a key to our continuing strategy of recruiting and involving the very best talents across the gaming and finance ecosphere.
“We are at the forefront of building a significant company together that I believe will be a leader in gaming and a new metaverse. EEG is a leader in gaming software and online gambling as well as investments in cryptocurrency. We see a number of extremely attractive financial opportunities in continuing and future projects with them.”
Earlier this year, EEG also teamed up with NFL franchise the Indianapolis Colts to operate co-branded esports tournaments via its Esports Gaming League Platform. EEG was also named the official esports tournament platform of the LA Chargers.
Esports Insider says: Through this colossal investment plan EEG and GFP show their dedication to advancing esports and gaming ventures. This partnership also further highlights the industry’s continuous growth and the numerous financial opportunities it holds, especially regarding traditional sports, online gambling and cryptocurrency.