BetHard Group Ltd bought by Esports Entertainment Group

Malta-licensed iGaming company BetHard Group Ltd is to be acquired by Esports Entertainment Group (EEG), a full-stack Esports and online gambling company for approximately $27 million (€22.1 million).

EEG will pay €16 million up front, plus pay an earn-out based on 12 per cent of BetHard’s net gaming revenue for each of the next two years.

Taking into account BetHard’s revenue of $31 million (€25.32 million) in 2020, if this continues then the total purchase price for the Swedish company will amount to roughly $27 million (€25.32 million), if revenues remain steady.

BetHard Group Ltd is licensed in both Malta and Sweden.

EEG expects to close the acquisition on 1st July, the first day of EEG’s fiscal year and has updated its fiscal 2022 revenue guidance from $100 million – $105 million (€81.6 million – €85.75 million).

EEG will add BetHard to its other European sportsbook company portfolio alongside SportNation.com and Vie.bet.

Grant Johnson, CEO of EEG said that “this is another great addition for Esports Entertainment Group that substantially increases our revenues, and available markets.”

“With this transaction, we expect to gain two new gaming licenses including one in the strategically important Swedish market.  At the completion of the license hand over we will have six tier one licenses.”

Gameday Group, the operating company of BetHard, launched in 2018 with Swedish football icon Zlatan Ibrahimovic as its global ambassador which has recently led to controversy as Swedish media reported Ibrahimovic held a 10 per cent stake in the company, breaking FIFA and UEFA code of ethics of food integrity.

UEFA has launched an investigation of Ibrahimovic’ involvement with Bethard, which carries a maximum punishment of a three-year suspension from professional football, as no registered athlete may directly or indirectly own shares in betting companies.

Featured image: BetHardGroup.com