Esports Entertainment Group Receives Malta Gaming License

Rhea-AI Summary

Esports Entertainment Group, with stock symbol GMBL, obtained a 10-year Gaming Service License from the Malta Gaming Authority, effective April 30, 2020. This license allows the company to engage in online pool betting, enhancing its credibility within the EU's regulated gaming market. CEO Grant Johnson highlighted this milestone as a key part of their growth strategy, especially following their binding LOI to acquire Argyll Entertainment. The license establishes a strong foundation for the company's plans in esports wagering and gaming.

Positive

• Granted a 10-year Gaming Service License, enhancing credibility and regulatory compliance.
• Strategic milestone for growth following the acquisition of Argyll Entertainment.

Negative

• None.

BIRKIRKARA, Malta, May 13, 2020 (GLOBE NEWSWIRE) -- Esports Entertainment Group, Inc. (NasdaqCM: GMBL, GMBLW) (or the “Company”), a licensed online gambling company with a focus on esports wagering and 18+ gaming, received its Gaming Service License (“License”) for online pool betting from the Malta Gaming Authority (“MGA”). The License, issued April 30, 2020, is effective for a 10-year term and may be renewed by MGA for further 10-year periods subject to regulatory provisions.

IMPORTANCE OF MALTA GAMING LICENSE

The country of Malta was one of the first countries in Europe to allow and regulate online gambling after first giving out a license in the year 2000. License holders benefit from onshore status in Europe, as well as, advertising across the EU.

In addition, Malta’s globally recognized and powerful regulatory system for iGaming provides our players and partners with the highest levels of trust and confidence in knowing they are dealing with an onshore jurisdiction, whose legislation is in line with applicable EU legislation and international agreements.

“Receiving our Malta gaming license is another major milestone achievement for Esports Entertainment,” commented Grant Johnson, CEO of Esports Entertainment Group. “Fresh off our announcement of a Binding LOI to acquire Argyll Entertainment last week, we are now in the early stages of executing an aggressive growth plan that contemplates both organic and acquisition growth strategies throughout 2020. This Malta License will be an important part of our growth plan.”

ABOUT ESPORTS ENTERTAINMENT GROUP

Esports Entertainment Group, Inc. is a licensed online gambling company with a specific focus on esports wagering and 18+ gaming. Esports Entertainment offers fantasy, pools, fixed odds and exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at vie.gg.  In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company holds a license to conduct online gambling and 18+ gaming on a global basis in Curacao, Kingdom of the Netherlands. The Company maintains offices in Malta. For more information visit www.esportsentertainmentgroup.com

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations 
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com 

Media & Investor Relations Inquiries
AGORACOM
ESPO@agoracom.com 
http://agoracom.com/ir/eSportsEntertainmentGroup

FAQ

What is the significance of Esports Entertainment Group's Gaming Service License (GMBL)?

The Gaming Service License allows Esports Entertainment Group to legally operate online pool betting in Malta, enhancing its regulatory credibility and market presence.

When was the Gaming Service License issued to Esports Entertainment Group (GMBL)?

The Gaming Service License was issued on April 30, 2020.

How long is the Gaming Service License held by Esports Entertainment Group (GMBL)?

The license is valid for a 10-year term and can be renewed.

What growth plans does Esports Entertainment Group (GMBL) have?

The company plans to pursue aggressive growth strategies, including both organic growth and acquisitions.