Esports Technologies set for $10m IPO
Esports betting operator also planning to launch F2P vertical to complement Curaçao-licensed esportsbook
Esports betting operator Esports Technologies is set to list on the Nasdaq this month after filing for an IPO with the Securities and Exchange Commission (SEC).
The operator is looking to raise up to $10m in the IPO, with the firm expecting to list on 13 April.
Under the ticker EBET, the group expects estimated price range for the stock to be between $4.50 and $5 per share.
The Las Vegas-based operator runs the Curaçao-licensed gogawi.com wagering platform that caters to Asian and Latin American customers.
The platform accepts wagers across a swathe of esports titles, including Counter-Strike: Global Offensive, League of Legends, Rocket League and FIFA 21.
Esports Technologies said gogawi.com generates more than $10m in annual gross gaming wagers across more than 500 tournaments.
Esports Technologies has also confirmed that it is planning to launch a free-to-play prediction game in the near future.
Esports Technologies initially filed for IPO confidentially in December 2020, with Boustead Securities serving as the sole bookrunner on the deal.
Reflecting on the news, Renaissance Capital said: “Esports Technologies has generated extremely limited revenues to date, and currently generates all of its revenue internationally.”