St. Julians, Malta–(Newsfile Corp. – December 7, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Company” or “EEG”) at the moment introduced the departure of Grant Johnson from his place as Chairman and Chief Executive Officer, efficient December 3, 2022. The Board of Directors has recognized a number of candidates to be the Company’s subsequent CEO, and these candidates are presently going via the analysis course of. The Company has recognized a most popular candidate for interim/appearing CEO, and we are going to make a proper announcement naming this particular person within the coming days pending a proper approval by the Nominating and Corporate Governance Committee. The Company has additionally introduced Jan Jones Blackhurst as Chair of the Board of Directors.

“Grant recognized the value of esports and online gambling and founded EEG on that basis. On behalf of the Board, we wish him well,” mentioned Ms. Jones Blackhurst. “The Company is looking forward to bringing in new leadership to work with Board to realize the full potential of our acquired esports businesses.”

Sale and Restructuring within the iGaming Business

The Company has made important progress in current months decreasing prices and contemplating strategic choices for iGaming property that don’t contribute to income and money stream. The progress contains:

• Sale of the Company’s on-line on line casino enterprise in Spain. The sale of the net on line casino enterprise in Spain is predicted to shut on December 12, 2022. The proceeds from the sale, internet of commissions, can be used primarily to pay down the principal on the Senior Convertible Note.

• Closing of the Argyll iGaming operations within the United Kingdom and Ireland on December 7, 2022, because of excessive prices to function in these markets and an lack of ability to generate income.

• Initiation of a course of to judge the strategic choices for the iGaming enterprise, together with exploring a sale of iGaming property because of rising regulatory burdens and competitors. Our new CEO can be tasked with assessing the worth of the iGaming property and figuring out subsequent steps.

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Other Key Announcements

The Company continues to execute on its plan to be publicly listed on Nasdaq, whereas restructuring its debt and capitalizing on its esports property:

• The Company introduced that it obtained approval for continued itemizing on the Nasdaq. The Company’s continued itemizing on Nasdaq is topic to evidencing compliance with Nasdaq necessities by March 31, 2023.

• The Company is in discussions with its debt holder to restructure its cost obligations, together with however not restricted to eliminating the by-product legal responsibility on its consolidated steadiness and addressing the Company’s default standing beneath the debt. The Company is optimistic that an settlement may be reached to the advantage of each events within the close to time period.

• The Company just lately obtained a non-binding letter of intent from a 3rd occasion that provided to merge its property, together with mental property, with that of the Company. The mixed firm would deal with rising esports revenues. The proposal is presently into consideration by the Company.

About Esports Entertainment Group

Esports Entertainment Group (NASDAQ: GMBL) (EEG) is a full-service esports and on-line betting firm. EEG focuses on three verticals: Games, iGaming, and Technology. EEG Games supplies a big selection of companies and infrastructure for companies to have interaction esports and gaming communities around the globe together with Esports Gaming League (EGL), which hosts a neighborhood of greater than 350,000 players on its proprietary event platform EGL.television. EEG iGaming contains quite a lot of award-winning manufacturers protecting conventional on-line sports activities ebook wagering wants in addition to a multinational on line casino operator. EEG Technology builds next-generation platforms, options, and companies for Millennials, Gen Z shoppers, and types trying to join with these demographics. EEG has places of work in New Jersey, Estonia, the United Kingdom, and Malta. For extra data, go to www.esportsentertainmentgroup.com.

Forward-Looking Statements

The data contained herein contains forward-looking statements. These statements relate to future occasions or to our future monetary efficiency, and contain identified and unknown dangers, uncertainties and different components that will trigger our precise outcomes, ranges of exercise, efficiency, or achievements to be materially completely different from any future outcomes, ranges of exercise, efficiency or achievements expressed or implied by these forward-looking statements. You shouldn’t place undue reliance on forward-looking statements since they contain identified and unknown dangers, uncertainties and different components that are, in some instances, past our management and which might, and sure will, materially have an effect on precise outcomes, ranges of exercise, efficiency or achievements. Any forward-looking assertion displays our present views with respect to future occasions and is topic to those and different dangers, uncertainties and assumptions regarding our operations, outcomes of operations, development technique and liquidity. We assume no obligation to publicly replace or revise these forward-looking statements for any motive, or to replace the explanations precise outcomes might differ materially from these anticipated in these forward-looking statements, even when new data turns into obtainable sooner or later. The protected harbor for forward-looking statements contained within the Securities Litigation Reform Act of 1995 protects corporations from legal responsibility for his or her forward-looking statements in the event that they adjust to the necessities of the Act.

Investor Relations Inquiries

ir@esportsentertainmentgroup.com

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