Toronto-based esports and gaming company Tiidal Gaming has announced plans to rebrand to Sportsflare and sell its esports team assets.
After the divestiture, the company intends to focus exclusively on its technology division. Specifically, this will be through its esports betting solutions firm Sportsflare. The rebrand is expected to come into effect towards the end of the year.
Besides Sportsflare, Tiidal Gaming is the holding company for Lazarus Esports, a Canadian esports team that currently has rosters in Apex Legends, PUBG Mobile and Gran Turismo, as well as a number of other titles.
The company has previously hinted at its aim to focus on developing its suite of esports odds products through a deal with esports data provider Bayes Esports.
The release has also stated that Tiidal Gaming decided to shift its strategic direction. The company recently launched its ‘Flash Markets’ product and is looking at opportunities from new segments, such as skill-based wagering.
Prior to the rebrand, Sportsflare developed several esports betting solutions and ventured into various other solutions for the industry such as Player Proposition Markets for Dota 2 and Betbuilders.
The company now intends to secure more partnerships with global brands within the esports space in order to drive sales growth and enhance gross margins. At the moment, its roster of partners includes esportsbook providers such as EveryMatrix, Vivid Seats and Skrmiish.
Tiidal also announced a non-brokered private placement of units at an issue price of $0.10 per unit, for gross proceeds of up to $500,000 (~£423,000). The company will use the proceeds to further support Sportsflare’s operations.
Tom Hearne, CEO of Tiidal Gaming, commented on the major changes: “We have decided to put our undivided attention behind Sportsflare given the opportunity at hand and the amazing progress we have made with our esports betting products during the year.
“As we continue to scale, our focus will be to not only grow our technology portfolio but also, expand the distribution of our solutions to a wider audience globally in order to strengthen our footprint in the fast-growing esports industry.”