Esports Entertainment Group nets Malta licence
Nasdaq-listed operator hails “major milestone” and receives approval for online pool betting
Esports Entertainment Group (EEG) has been awarded a 10-year licence for online pool betting by the Malta Gaming Authority (MGA).
The operator, which has an office in Malta, previously only had a Curaçao gaming licence. It will now be able to access EU markets and advertise there.
The licence will be used on the company’s flagship esports betting platform, VIE.gg, which offers exchange-style wagering.
The licence can be renewed after the 10-year period, subject to regulatory provisions being fulfilled.
Last month, EGR revealed EEG had signed a letter of intent to acquire UK-based sports betting firm Argyll Entertainment in a cash plus shares deal.
It followed the company receiving approval to be listed on the Nasdaq stock exchange.
EGR understands a binding agreement for a 100% buyout has now been reached, for a proposed purchase price of $1.25m in cash alongside 541,667 shares of stock in EEG at $6 a share.
Esports Entertainment Group CEO Grant Johnson said the firm was in the “early stages” of an aggressive growth plan of organic and inorganic activity, which could even see EEG make more acquisitions over the coming year.
“Receiving our Malta gaming licence is another major milestone achievement for Esports Entertainment,” Johnson said.
“This Malta licence will be an important part of our growth plan,” he added.