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Esports Entertainment Group has announced that its Malta Gaming Authority licensed subsidiary has signed an asset purchase agreement to acquire the business of Lucky Dino Gaming.

Esports Entertainment (Malta) Limited has secured a deal to acquire the online casino operator, with its own proprietary platform, for an estimated $30m (€25m) to be financed through a debt facility procured by the company.

Lucky Dino’s proprietary technology stack includes affiliate marketing software, payment servers, and a CRM system with a gamification and loyalty engine and automated player management functionality, which EEG says is fit for geographical expansion.

“Over the past five years, Lucky Dino has evolved from a single brand white-label casino operator into a multi-brand, class-leading casino operator and technology business,” commented Grant Johnson, CEO of Esports Entertainment Group

“In addition to further strengthening our tech stack, Lucky Dino’s assets will give us a substantial foothold in multiple new jurisdictions across Europe and Scandinavia where esports are extremely popular, and with Lucky Dino’s 30K monthly active casino players we will have tremendous cross-selling opportunities with our SportNation and betting platforms.”

Lucky Dino generated $21m revenue and $38m EBITDA in FY20, and is forecasted to generate $24m and $5m in FY21 and $29m and $6.5m in FY22. Financial projections do not take into account additional growth and cost saving opportunities.

“Lucky Dino has generated an impressive track record of growth, reporting an 86 per cent CAGR on revenue for the five years ended June 30, 2020,” continued Johnson.

“With opportunities to realise synergies across shared back-office functions, payment processing and more, we are in a great position to build upon Lucky Dino’s notable EBITDA performance. Ultimately, we will look to bring this exciting online casino platform to the US in the future alongside our esports offering.”