Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Esports Entertainment Group Announces Sale of the Bethard Business and Amendment to Senior Convertible Note

Published

on

Reading Time: 2 minutes

 

Esports Entertainment Group announced that it has entered into a share purchase agreement (Purchase Agreement) dated February 14, 2023 to sell its Bethard iGaming business, an operator of online casino and sportsbook brands that is licensed in Malta and Sweden.

The total purchase consideration in the Purchase Agreement was determined by the parties to be approximately €9.5 million comprising €1.65 million of cash proceeds payable to the Company at closing, with an additional €6.5 million of purchase consideration attributed to the Company’s release from payment of its contingent consideration liability from the Bethard acquisition. The purchaser of the Bethard business will also assume liabilities of approximately €1.2 million. The terms of sale allow for a cash holdback of €0.15 million which may be retained by the purchaser should liabilities exceed agreed upon amounts in the Purchase Agreement. The sale of the Bethard business is expected to close during the two-week period following the signing of the Purchase Agreement, subject to customary closing conditions.

The Company entered into an Amendment and Waiver Agreement on February 16, 2023 as a condition to the closing of the sale of the Bethard business. The Amendment requires the Company to deposit 50% of the proceeds from the sale of the Bethard business in a bank account in favor of the holder (the Debt Holder) of its Senior Convertible Note, dated February 22, 2022. The Amendment also requires the Company to deposit 50% of the proceeds of any permitted future sale of assets or any subsequent debt or equity offer or sale (a Securities Transaction) and 100% of the proceeds of any additional indebtedness incurred in the future, into such bank account in favor of the Debt Holder, or, at the option of the Debt Holder, redeem amounts under the Senior Convertible Note using such proceeds.

Alex Igelman, CEO of Esports Entertainment Group, said: “I am very pleased at the work that is being undertaken to reduce debt and focus on our core iGaming and esports assets. We remain committed to building a world-class esports gambling operation that is global in reach and that provides esports content and strategic services to those involved in esports gambling, as well as those seeking to enter the market. I am extremely encouraged and pleased with the speed and efficiency in which senior management effectuated these important actions.”

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Continue Reading
Advertisement


MARE BALTICUM Gaming & TECH Summit 2024
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Latest News

Meridian Donate: Revolutionizing CSR in the Betting and Gaming Industry

Published

on

Reading Time: 2 minutes

 

  • Innovative engagement strategy positions MeridianBet as a leader in CSR within the betting and gaming industry
  • Optimized brand loyalty as active customer participation in CSR strengthens connection and loyalty
  • Scalable impact, as the model is designed for expansion and could be adapted to new markets, indicating potential for widespread adoption and growth

Transforming Customers into Environmentalists and Humanitarians

MeridianBet’s pioneering initiative, Meridian Donate, is transforming the betting industry by engaging customers directly in corporate social responsibility (CSR) actions. This unique platform allows customers to actively participate in and fund various environmental, societal and humanitarian projects, setting a new standard for customer engagement and community impact.

Key Features of Meridian Donate:

  • Direct customer involvement: Customers are not just donors but active participants in CSR decisions
  • Diverse programs: Offers choices from global afforestation to local humanitarian efforts
  • Partnerships with renowned organizations: Collaborates with entities like the Red Cross and UNICEF

Expanding Impact: A Year-by-Year Growth

The Meridian Donate platform has seen substantial growth in its scope and impact:

  • Number of individual campaigns: Grew from 8 in 2021 to 20 in 2023
  • National markets Integrated: Expanded from 3 in 2021 to 8 in 2023
  • Direct Beneficiaries: Increased from 43 NGOs in 2021 to 159 in 2023

In 2023 alone, the platform’s expansion into eight markets facilitated 20 customer-funded campaigns, directly benefiting 159 NGOs, up from 122 the previous year.

Continued Commitment to Innovation and Community Involvement

Meridian Donate not only showcases MeridianBet’s dedication to CSR but also redefines the role of digital marketing within the industry. By converting sports bettors into active CSR participants, Meridian Donate enhances customer loyalty and brand value, making it a critical element of MeridianBet’s market strategy.

Recent Successes and Future Outlook

In its recent operation, Meridian Donate has launched an ambitious global afforestation initiative, committing to plant 20,000 seedlings across various regions. This project not only underscores our environmental commitment but also enhances our brand’s community presence. Already, several hundred contributions have been recorded in the platform’s first month, indicating robust customer engagement and support.

The post Meridian Donate: Revolutionizing CSR in the Betting and Gaming Industry appeared first on European Gaming Industry News.

Continue Reading

Latest News

Imagine Live Launches Casino Hold’em

Published

on

Reading Time: < 1 minute

 

Imagine Live proudly unveils its latest game addition – Casino Hold’em. This thrilling new game promises to elevate the poker experience for enthusiasts and novices alike, combining the excitement of traditional Texas Hold’em with the thrill of live casino action.

Casino Hold’em offers players a dynamic and immersive gaming experience. With sleek graphics, intuitive gameplay, and live dealers, players will feel seated at a high-stakes table in a world-class casino right from the comfort of their homes.

Key features of Casino Hold’em include:

Neon-lighting Studio: Casino Hold’em has a very inviting atmosphere. It features an elegant, well-designed studio with neon lighting that evokes a sophisticated gaming environment.

Captivating Gameplay: Stunning graphics and seamless gameplay transport players to the heart of the action.

Bonus Bet: In Casino Hold’em, players can place a Bonus bet alongside their initial Ante bet. Even if the Play bet is lost, the Bonus bet remains unaffected and can still be won if the specific hand criteria are met.

Multiplatform Compatibility: Enjoy Casino Hold’em on desktop, tablet, or mobile devices, allowing players to play anytime, anywhere.

“We’re thrilled to introduce Casino Hold’em to our players,” said Mikayel Aznauryan, Chief Product Officer at Imagine Live. “At Imagine Live, we’re committed to delivering premium gaming experiences, and Casino Hold’em is no exception. With its blend of live action, strategic gameplay, and neon design, we believe it will quickly become a favorite among poker enthusiasts worldwide.”

The post Imagine Live Launches Casino Hold’em appeared first on European Gaming Industry News.

Continue Reading

Latest News

Relax Gaming increases Italian presence via Octavian Lab aggregation deal

Published

on

Reading Time: < 1 minute

 

Relax Gaming, the iGaming aggregator and supplier of unique content, has further increased its footprint in the Italian market with Octavian Lab.

Octavian Lab is a software house and service provider for online gaming suppliers. Led by highly specialised technicians, the company is committed to the development of products, protocols and integrated solutions in key regulated iGaming markets.

This partnership will see Octavian Lab’s operator partners in Italy, including leading sportsbook and casino Eurobet, gain access to a host of popular Relax Gaming titles.

Eurobet players are now able to enjoy timeless classics from Relax Gaming including the hugely popular Money Train series, Wild Chapo 2 and Marching Legions.

Gianluca Crimaldi, Director of Italy at Relax Gaming, said: “In order to continue our hugely successful trajectory in key markets such as Italy it is imperative that we continue working alongside some of the industry’s best aggregators.

“We are delighted to partner with the talented team at Octavian Lab who are helping ensure our games reach Italian players via the country’s top operators.”

Emanuele Nocentelli, CEO of Octavian Lab added: “We are proud of our partnership with Relax Gaming, one of the industry’s leading providers of high-quality games. It’s fantastic to be distributing their portfolio via our Gaming and Aggregation platforms and we are confident that Relax content will resonate with a wide audience of players across Italy. We look forward to maintaining and building upon this partnership for a long time to come.”

The post Relax Gaming increases Italian presence via Octavian Lab aggregation deal appeared first on European Gaming Industry News.

Continue Reading

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.