Esports Entertainment Group completes Helix eSports and ggCircuit acquisitions

Esports Entertainment Group has completed two of its recently announced acquisitions.

The online gambling operator and esports business Esports Entertainment Group (EEG) has completed its acquisitions of ggCircuit and Helix eSports.

The two acquisitions were first announced in October 2020 and then approved in January this year.

EEG completes acquisitions

Last week, EEG announced the completion of its $43m (£30.4m) acquisitions of the two businesses.

According to the operator, the two deals will significantly strengthen its “Play, Watch, Bet2 strategy with the addition of state-of-the-art esports entertainment venues, an esports-focused software business, an esports analytics platform and a P2P skill-based betting product.

Grant Johnson, CEO of EEG said: “With the completed acquisition of Helix and ggCircuit, we have created the most diversified, US-listed esports entertainment asset in the entire ecosystem.

“These acquisitions significantly strengthen our Play, Watch, Bet Strategy, adding state-of-the-art esports entertainment centers, an esports-focused vertical enterprise software business, a best-in-class esports analytics platform, and a player-vs-player skill-based wagering platform to our diversified asset base.

“Together with what we have already built, Esports Entertainment Group has unparalleled scale, and we are on our way to becoming a global industry leader.”

The ggCircuit business is a B2B software business that provides cloud-based management for local area network (LAN) centres, a tournament platform, and integrated wallet and point of sale products.

The business also has more than 1,000 connected locations while its ggLeap product has more than 60m hours of usage across 2m unique gamers on tens of thousands of public gaming screens in centres across the world.

Meanwhile, Helix eSports owns five esports facilities, including two of the largest five facilities in the US. The business also offers a range of experiences such as casual play, competitive tournaments, STEM programming, high school leagues, and esports bootcamps.

Helix also operates the Genji Analytics system, an esports-focused analytics provider that uses data to deliver broadcast optimisation and talent scouting analytics. EEG will also acquire LANduel, Helix’s proprietary player-vs-player wagering platform.

Another deal for EEG

Last month, EEG also revealed plans to acquire the Malta-based online gambling operator Bethard.

According to the announcement, EEG has reached an agreement with Bethard’s operating firm Gameday Group that will see it pay €16m in cash and a guarantee of 12% of net gaming revenue performance over a two-year period for Bethard.

Bethard generated $31m in net gaming revenue in 2020, which suggests an overall purchase price of approximately $27m if Bethard’s revenue remains consistent. 

EEG expects the deal to close on 1 July 2021 and has updated its 2022 revenue guidance to the $100-$105 million range.

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