Esports Entertainment Group has closed a deal to buy Argyle Entertainment by the end of July.

Esports Entertainment Group, a company that runs esports betting, has said it will finish buying online betting and gaming company Argyle Entertainment by July 31st after finalizing the purchase agreement.

The company previously said in May that it had signed a formal agreement to buy Argyle’s parent company, LHE Enterprises. The details of the deal have not been made public.

Esports Entertainment’s CEO, Grant Johnson, called the final agreement a “big step forward” for the business.

Combining the two companies has already started, with Argyle’s CEO Stuart Tilly and CFO Dan Marks joining the Esports Entertainment leadership team. Tilly has been named company secretary and Marks has been named the companys CFO.

This group of individuals will be a valuable addition to our company. They will assist us in expanding our base of over 100,000 registered users in Argylls, placing us in a strong position to drive future revenue growth, Johnson stated.

Tilly mentioned that the agreement will provide Esports Entertainment with access to exclusive proprietary content, including its primary website SportNation.bet and its rewards program, which he pointed out helped generate $12 million in revenue in 2019.

“The esports industry is more robust than ever,” he continued.

“[We] have a strengthened financial position, combined with the ability to utilize their 30 employees’ expertise and comprehensive knowledge in marketing, technology, risk management, and regulation, will position Esports Entertainment Group to take advantage of the vast opportunities in this rapidly expanding market.”

Previously, Esports Entertainment went public on the Nasdaq Stock Market in April of this year, followed by a series of funding rounds that raised $6.2 million by exercising warrants as of June 8.

The company also raised $8.4 million through its advancement to Nasdaq.

The company is now seeking to enter the US market, having established a subsidiary, GMBL New Jersey, in the state in May. It now intends to apply for a sports betting license in the state in the near future.

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