EBET has been placed up for sale, with bids for the specialist igaming operator and its assets being welcomed by Hilco Streambank.
The firm has set a deadline of July 30, 2024, for bids before a public auction is conducted on August 1. The asset sale will be conducted according to Article 9 of the Uniform Commercial Code.
It’s a bidding process that will include the full range of assets built by EBET’s brands including Karamba, Hopa, Griffon Casino, BetTarget, Generation VIP, Dansk 777 and Scratch2Cash.
Key to the opportunity is the potential for new market entry being touted off the back of the potential acquisition, given the vast portfolio of EBET.
Hilco Streambank CCO, Richelle Kalnit, commented: “A buyer of the assets has the opportunity to tap into a rapidly growing online gaming market and to expand upon the brands’ success by emphasising and/or re-entering certain markets, re-engaging the large player database and optimising software and marketing operations.”
Having originally been formed in a bid to engage players in Asia and Latin America, a splurge of acquisitions saw EBET evolve its offering and increase its player base.
EBET was rebranded from Esports Technologies Inc at the start of 2022, building on the spate of acquisitions from the firm.
The company agreed to acquire the B2C business of Aspire Global for an agreed valuation of $75.9m, onboarding a myriad of brands and significantly bolstering its offering and global footprint.
At the time, Aaron Speach, CEO of Esports Technologies, described it as a ‘transformative opportunity’ to accelerate growth.
However, according to reports at the start of 2023, the relationship between the two parties soured as EBT and Aspire became embroiled in a legal battle over the M&A deal.
EBET accused Aspire of ‘fraudulent activities’ regarding false player representation, reportedly seeking €65m in damages.
There were also accusations that Aspire knew that it would not be able to qualify for a licence in the German market as it had missed previous payment dates, something which the firm believed impacted the valuation of Aspire.
