Lucky Dino generated $21.5M revenue and $4.0M EBITDA in FY20. Cross-sell opportunities with 25K monthly active players
Newark, New Jersey--(Newsfile Corp. - March 1, 2021) - Esports Entertainment Group, Inc. (NASDAQ: GMBL), (NASDAQ: GMBLW) (or the "Company"), an esports entertainment and online gambling company, today announced that its Malta gaming licensed subsidiary, Esport Entertainment (Malta) Limited, completed its acquisition of the business assets of Lucky Dino Gaming Limited ("Lucky Dino"), an established Malta licensed online casino operator with its own proprietary casino platform. The ~$30 million deal was financed through cash raised in an equity offering in February.
"Over the past five years, Lucky Dino has evolved from a single brand white-label casino operator into a multi-brand, class-leading casino operator and technology business," commented Grant Johnson, CEO of Esports Entertainment Group. "In addition to further strengthening our tech stack, Lucky Dino's assets will give us a substantial foothold in multiple new jurisdictions across Europe, particularly in Scandinavia where esports are extremely popular, and with Lucky Dino's 25K monthly active casino players we will have tremendous cross-selling opportunities with our SportNation and VIE.bet betting platforms."
In acquiring Lucky Dino's assets, the Company now has access to a premium casino platform based on modern microservices architecture for superior simplicity, scalability, and flexibility. Lucky Dino's proprietary technology stack includes affiliate marketing software, payment servers, and a comprehensive CRM system with a sophisticated gamification and loyalty engine and unique automated player management functionality fit for geographical expansion.
"Lucky Dino has generated an impressive track record of growth, reporting an 86% CAGR on revenue for the five years ended June 30, 2020," continued Johnson. "With opportunities to realize synergies across shared back-office functions, payment processing and more, we are in a great position to build upon Lucky Dino's notable EBITDA performance. Ultimately, we will look to bring this exciting online casino platform to the U.S. in the future alongside our VIE.bet esports offering."
About Esports Entertainment Group
Esports Entertainment Group, Inc. is an esports and online gambling company. The Company operates a number of entities across three key pillars: 1) esports entertainment and infrastructure, 2) esports wagering, 3) iGaming. The Company maintains offices in New Jersey, the UK and Malta. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
FORWARD-LOOKING STATEMENTS
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Contact:
Media & Investor Relations Inquiries
ir@esportsentertainmentgroup.com
External Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75707
