Esports Entertainment to acquire Flip Sports assets

Esports betting operator Esports Entertainment Group has signed a letter of intent to acquire certain assets of mobile games studio Flip Sports.

Terms of the agreement were not disclosed, Flip Sports' staff and all intellectual property will all come under the operator's control once the deal closes.

Through its proprietary in-play, peer-to-peer technology, Flip Sports provides a multi-platform second-screen experience for fans and bettors watching live sports events.

“The Flip team are leaders in building igaming platforms that take the player experience to new heights,” Esports Entertainment chief information officer and chief technology officer John Brackens said.

“Their expertise will strengthen our efforts in esports and help us further create a best-in-class immersive experience for esports fans.”

Esports Entertainment chief executive Grant Johnson added that the purchase will provide value to the operator as it enters a period of “opportunity and rapid growth”.

“As the first US-based igaming company to list on Nasdaq, we are in a great position to capitalize on the fragmented esports market and will continue to pursue acquisition opportunities,” Johnson said.

“Flip is set to be the latest example of the success of our roll-up strategy.”

The agreement comes after Esports Entertainment Group last month completed the acquisition of online betting and gaming operator Argyll Entertainment and its operating subsidiaries.

The business looks to be pursuing further M&A activity, entering into a partnership with independent capital markets adviser Akur Capital to help it identify additional deals.