Esports Technologies secures UK licence following Aspire acquisitions
Following on from its acquisition of Aspire Global’s B2C assets, Esports Technologies has confirmed that it has gained a UK gambling licence under the terms of an operator services agreement.
Esports Technologies, which is listed on the US Nasdaq as EBET, took over Aspire’s B2C operations for $76 million (€68m), including UK-focused online sports betting and casino brands Karamba, Hopa, and Griffon Casino as well as continental European operators BetTarget, Dansk777 and GenerationVIP.
The esports wagering firm agreed to pay $58.3 million in cash for Aspire’s portfolio, whilst the remainder of the transaction was funded with a $11.7 million promissory note and $6 million in company stock.
Upon completing the acquisition earlier this month, the Las Vegas-based company outlined cross-selling operations across multiple-wagering markets, targeting regulated European markets including the UK, Germany, Ireland, Denmark and Malta.
The operator expects a promising return from the British market, noting that the UK Gambling Commission (UKGC) reported the country’s gross gaming revenue from April 2019 to March 2020 of $19.2 billion, 40% of which came from online verticals.
“Gaining access to this UK gaming licence is a massive strategic milestone for Esports Technologies,” said Bart Barden, COO, Esports Technologies.
“We’re thrilled about this highly lucrative gaming market, and we look forward to bringing our portfolio of esports products to the UK.”
Now functioning solely as a B2B enterprise, Aspire Global will continue to cooperate with the company on operating the latter’s new holdings, serving as the back-end provider for the B2C brands. This role will see Aspire work to maintain operational continuity and the new owner’s products across its platform.
Stockholm-Nasdaq registered Aspire first partnered with Esports Technologies in September of this year, integrating the firm’s odds modelling, market creation and trading feed into its own esports platform under the terms of a strategic licensing agreement.