Gambling firm Esports Entertainment Group (EEG) has signed a letter of intent to acquire select assets from mobile games studio FLIP Sports.
FLIP Sports is the provider of proprietary in-play, peer-to-peer technology which offers fans and bettors a “multi-platform second-screen experience” while watching live sporting events. Although the agreement’s terms were not disclosed, the release noted the firm will assume control of FLIP Sports staff and intellectual property upon completion of the deal.
Grant Johnson, CEO of Esports Entertainment Group, commented on the prospective deal in a release: “FLIP has brought together a talented team with proven industry experience that we believe will provide immense value to Esports Entertainment Group as we enter a period of tremendous opportunity and rapid growth. As the first US-based iGaming company to list on NASDAQ, we are in a great position to capitalize on the fragmented esports market and will continue to pursue acquisition opportunities. FLIP is set to be the latest example of the success of our roll-up strategy.”
Last week, Esports Entertainment Group completed the acquisition of online sportsbook and casino operator Argyll Entertainment. Within the investment was Argyll’s flagship gambling brand SportNation.bet, which launched in the summer of 2017.
John Brackens, CIO & CTO of Esports Entertainment Group, also commented: “The FLIP team are leaders in building iGaming platforms that take the player experience to new heights. Their expertise will strengthen our efforts in esports and help us further create a best-in-class immersive experience for esports fans.”
Esports Entertainment Group has seen an impressive surge of activity this year. The last several months have given way to a Counter-Strike: Global Offensive activation with its esports betting platform VIE.gg as well as the establishment of a New Jersey-based subsidiary.
“ The betting firm appears to be pursuing its merger and acquisition strategy once again here; EEG recently officiated a partnership with capital markets adviser Akur Capital. The race is on to see who, if anybody, can really capture the esports betting market.“