Esports Entertainment Sells Bethard to Undisclosed Company

The Bethard gambling brand will soon have a new corporate master, as Esports Entertainment Group has reached an agreement to sell the brand for €9.5 million.

The purchasing company wasn't announced, but deal considerations were. €1.65 million in cash will be paid out at the closing of the deal, with €6.5 million attributed to the release from contingent consideration liabilities. The buying company will also take on liabilities of €1.2 million, but there will be a €150,000 cash holdback that'll be available to the purchaser if the liabilities are more than expected.

Bethard offers betting services in regulated markets, holding licences in Sweden and Malta. The company's wares includes slots, table games, and sportsbetting, among others.

The deal is expected to finalise very quickly, with a two-week period listed by Esports Entertainment.

Regarding the deal, Esports Entertainment CEO Alex Igelman 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."

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