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In the past few weeks, we discussed Unikrn and their partnership with Team Liquid regarding esports betting. Now, the organization behind Unikrn, Entain, has made another massive move in the esports betting industry. Specifically, headlines are describing how Entain acquiring Sportsflare is another great move in the esports betting industry – read on to learn why.
Entain Acquiring Sportsflare – A $13.3 Million Move
Sportsflare is in fact a subsidiary of Tiidal Gaming Group Corp, a parent company intensely invested in the business side of the esports ecosystem. Within their impressive collection of businesses, SportsFlare is an esports betting developer renowned within the industry.
In this outlined deal, the likes of Entain has purchased and acquired all shares of Sportsflare for the grand sum of $13.3 million through an M&A agreement. Moreover, the deal also involves certain conditions, which may trigger a $500,000 termination fee, which are worth considering.
Overall, this move has immense potential concerning Entain’s mission to improve their presence in esports. Most notably, SportsFlare is accredited with their unique feature ‘Flash Markets’ – a popular adaptation of esports live betting alongside other innovations. As described by the Abios esports betting industry 2023 report, esports live betting is a key component of the industry.
Here’s what Tiidal Chief Executive, Thomas Hearne offered the following comments regarding the ongoing transaction:
“I am incredibly proud of what the Sportsflare team has done over the last year; given the capital markets environment, we believed it was best to find a great home for Sportflare in order to maximise value for Tiidal shareholders. Sportsflare will be a great fit with Entain’s strong presence in the industry and our board of directors is confident that Sportsflare joining Entain is the best long-term solution for its employees and partners.”
Beyond Entain acquiring Sportsflare, Tiidal Gaming Group also entered into a loan agreement with Ladbrokes Group Finance, being an affiliate of Entain.
Considering their acquisition of Unikrn and now SportsFlare, the future of esports betting is very bright for Entain.