Esports Entertainment inks binding letter to acquire esports content creator Holodeck Ventures

Esports Entertainment inks binding letter to acquire esports content creator Holodeck Ventures

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Esports Entertainment Group Inc (NASDAQ:GMBL) has announced the signing of a binding letter of intent to acquire the esports content and media business of Holodeck Ventures Inc, including its staff, production studio and all intellectual property.  "This is a major step forward for Esports Entertainment Group, placing us in a position where we own and control our content platform as part of executing on our ‘Play, Watch, Bet’ market strategy" EEG CEO Grant Johnson said in a statement. "With this transaction, we're also gaining a world-class creative team with specific expertise in esports, along with market-leading properties like the Business of Esports [podcast].” Holodeck CEO Paul Dawalibi will join EEG as EVP of EEG Media, a new division that will focus on creating esports betting and entertainment content as well as affiliate marketing, the company said. READ: Esports Entertainment’s VIE.bet brand to sponsor Beyond the Summit's CS:GO tournament “I was extremely impressed when I first interviewed Grant on the Business of Esports podcast,” Dawalibi said. “I immediately realized the incredible potential of the EEG business. We are delighted to join EEG to build together the best and most engaging esports content and betting platform." Global esports revenues are expected to grow by over 16% year-over-year to $3 billion by 2025, the company said, while the global esports betting market is forecast to reach $17.2 billion by the end of 2021. The acquisition of Holodeck is an endeavor to cut a bigger slice of the pie. "As leaders in building engaging and exciting esports content, the Holodeck Media team is a welcome addition to Esports Entertainment Group and will enable us to take the player experience to new heights, ultimately creating best-in-class destinations for esports fans and bettors,” Johnson said. “By leveraging content to drive betting and magnify the value of every customer in the EEG universe, we gain a significant competitive advantage and build a moat around our business.” Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel

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