{"id":187598,"date":"2021-10-01T12:13:31","date_gmt":"2021-10-01T19:13:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=187598"},"modified":"2021-10-01T13:53:01","modified_gmt":"2021-10-01T20:53:01","slug":"esports-stock-is-proving-turbulent-on-news-of-small-acquisition","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/","title":{"rendered":"Esports Technologies Stock Volatile Following $75.9M Acquisition"},"content":{"rendered":"

It’s not often that acquisitions valued at less than $76 million create massive turbulence in a stock. But shares of Esports Technologies (NASDAQ:EBET) are all over the map today, after the company said it’s buying Aspire Global’s business-to-consumer (B2C) unit for $75.9 million in cash and equity.<\/p>\n

\"Esports
Esports Technologies is buying some Aspire. The stock is volatile on the news. (Image: NYCStock \/ Shutterstock.com)<\/figcaption><\/figure>\n

On news of the deal, Esports stock surged as much 14 percent in pre-market trading. But those gains were pared after the market open. Traders are steadily selling shares of the Las Vegas-based operator of an online gaming platform, and, in late trading, the stock is off almost seven percent on volume that’s more than triple the daily average.<\/p>\n

Under the terms of the deal, Esports Technologies will acquire Aspire’s portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP,\u201d according to a statement.<\/p><\/blockquote>\n

Esports Technologies is paying $58.3 million in cash, $11.7 million in a promissory note, and approximately $5.9 million worth of equity for the Aspire assets. The transaction is scheduled to close on Nov. 30.<\/p>\n

Wild Day for Esports Stock<\/h2>\n

Following its April initial public offering (IPO), Esports stock is developing a reputation<\/a> for big intraday moves.<\/p>\n

\n

That’s holding true today, as the shares traded as low as $27.67 and as high as $36.16. On a percentage basis, that’s an exceptionally wide range for a company with a market capitalization of $442.79 million. Esports Technologies stock posted a third-quarter gain of nearly 51 percent, and the assets it’s acquiring from Aspire are profitable.<\/p>\n<\/div>\n

Today’s volatility in the stock may be attributable to the company disclosing a $36.2 million private placement of convertible preferred shares that allow investors involved in that offering to convert those holdings to common stock at $28.<\/p>\n

\u201cIn the most recent 12-month period ending June 2021, Aspire Global’s B2C revenue was $73.9 million, and its earnings before interest, taxes, depreciation and amortization (EBITDA) was $8.2 million. During the same period, the B2C business recorded wagering of $1.8 billion and over 1.3 billion bets,\u201d said Esports Technologies in the statement.<\/strong><\/p>\n

Interesting Outlook for Esports Technologies<\/h2>\n

Among publicly traded gaming companies, those with internet casino and sports betting exposure are getting most of the attention.<\/a> But esports is a fast-growing theme in its own right. Esports Technologies gogawi.com platform is a sportsbook focusing on bettors in Asia and Latin America.<\/p>\n

The Nevada company holds a license from the Curacao Gaming Authority and can accept wagers from punters in 149 jurisdictions. Historically, nearly all of the operator\u2019s business was sourced in the Philippines.<\/p>\n

Through the Aspire deal, Esports Technologies gains 1.25 million new deposited customers, which could accelerate the company’s efforts to boost its esports wagering market share.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

It’s not often that acquisitions valued at less than $76 million create massive turbulence in a stock. But shares of Esports Technologies (NASDAQ:EBET) are all over the map today, after the company said it’s buying Aspire Global’s business-to-consumer (B2C) unit for $75.9 million in cash and equity. On news of the deal, Esports stock surged […]<\/p>\n","protected":false},"author":46,"featured_media":187599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3312,10],"tags":[],"acf":[],"yoast_head":"\nEsports Stock Is Proving Turbulent On News Of Small Acquisition<\/title>\n<meta name=\"description\" content=\"Esports Technlogies stock is all over the place today on news of a $75.9 million acquisition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Esports Stock Is Proving Turbulent On News Of Small Acquisition\" \/>\n<meta property=\"og:description\" content=\"Esports Technlogies stock is all over the place today on news of a $75.9 million acquisition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-01T19:13:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-01T20:53:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/ebet.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/\",\"url\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/\",\"name\":\"Esports Stock Is Proving Turbulent On News Of Small Acquisition\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/ebet.jpg\",\"datePublished\":\"2021-10-01T19:13:31+00:00\",\"dateModified\":\"2021-10-01T20:53:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Esports Technlogies stock is all over the place today on news of a $75.9 million acquisition.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/esports-stock-is-proving-turbulent-on-news-of-small-acquisition\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/ebet.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/ebet.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Esports Technologies is buying some Aspire. 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