Esports Entertainment Group has closed the acquisition of Malta-based online gambling business Bethard Group, in a transaction that is praised as “another great addition” by the firm.

The transaction of Bethard, which operated the business-to-consumer arm of Gameday Group, includes the addition of Swedish and Spanish gaming licenses. The deal will see the company expand its current European portfolio to three brands; operating Bethard alongside SportNation.com and Vie.bet.

The transaction includes a €16m ($19.5m) cash payment and a 12 per cent net gaming revenue share for two years. Bethard generated $31m in revenue in 2020.

As a result of the transaction, the company has raised its revenue guidance for the 2022 fiscal year, which it now expects to reach between $100m to $105m.

“This is another great addition for Esports Entertainment Group that substantially increases our revenue and available markets,” commented Grant Johnson, CEO of Esports Entertainment Group

“We will gain two new gaming licenses from this transaction, including one in the strategically important Swedish market. With these additions, we’ll have a total of six tier one licenses globally.”

Following the sale of Bethard, Gameday Group management had previously said that it would pursue a sole B2B strategy, with the company offering its services to optimise the performance of white label brands, igaming and sportsbook operators.