Newly Nasdaq-listed online gambling group Esports Entertainment Group has signed a ‘letter of intent’ (“LOI”) to acquire the competitive gaming live and digital events and tournaments organiser Esports Gaming League (EGL).

The UK-based esports company, founded in 2010, serves a rapidly expanding community of gamers in Europe, Middle East, and the Americas with over 350,000 registered users. The growing user base and demographics of EGL’s audience was a major factor in Esports Entertainment Group’s decision to purchase the firm.

Grant Johnson, CEO of Esports Entertainment Group, said: “At our IPO we committed to having a tournament platform up and operational before the end of the calendar year, and with this transaction, we have delivered on this commitment.

“EGL generated approximately $1.3 million in revenue last year and is positioned for triple-digit growth moving forward. Their complementary platform, large user base, excellent team, and marquee advertising partner relationships are key drivers behind this transaction. Together, I believe we can accelerate growth both in the US and internationally.”

EGL’s services include full turnkey esports events, live broadcast production, game launches, and online branded tournaments. Moreover, the company provides brand owners and advertisers with the opportunity to promote products and services to a 18-35 core demographic.

“We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology and resources to further grow our client roster,” added Glen Elliott, CEO of EGL.

 “The vision Grant has around building an esports ecosystem is visionary for the industry and EGL is a perfect fit.”

Esports Entertainment Group’s latest acquisition adds to its previous letter of intent to purchase certain assets of mobile games studio Flip Sports last month. Additionally, the firm has also recently completed the purchase of online betting and gaming operator Argyll Entertainment along with its operating subsidiaries.