Esports betting site, LOOT.BET, has been acquired by the Canadian information technology company Intema Solutions. Intema Solutions have signed a Letter of Intent to acquire Livestream Gaming Ltd, the company that owns the LOOT.BET service. They will acquire all of the issued and outstanding Livestream securities for $14.75 million.
Livestream Gaming is a private Cyprus-based corporation which owns LOOT.BET, a Curaçao licensed server-based real-money gaming platform and one of the more popular esports betting destinations online. This purchase will see the company absorbed by the rapidly growing Intema Solutions. They also plan to pay out an extra $3 million if Livestream hits outlined revenue targets.
Intema plans to make their recently acquired LOOT.BET esports solutions and the extra technologies and platforms from Livestream Gaming the cornerstone of their ecosystem. They have bought into an industry with one of the most popular providers.
Speaking of the most popular providers, LOOT.BET is a fantastic esports betting site. They have over 450,000 registered users and a wide range of odds offered on almost any esports tournament that you could think of. They operate mainly in Europe and Asia and have partnered with plenty of esports tournaments and teams. They are not the most profitable, in the last year they showed gross gaming revenue of 3.22 million euros but only a net profit of 79,806 euros.
Laurent Benezra, President and CEO of Intema spoke about their acquisition in a press release: “This is a pivotal transaction for Intema that will make us a leader in esports betting. LOOT.BET will be a significant part of our ecosystem, which now consists of not only esports betting, but also peer-to-peer gaming, esports tournaments and advertising through HypeX.gg, Advertiise and TheSMACK.gg. All are complementary drivers of our future revenue growth. We are excited to have these companies and their experienced teams within our family. We are now focusing on closing these transactions so that we can offer the best experience possible through fully licensed, safe and secure online platforms.”
Peter Zhalov, CEO of Livestream added his thoughts in the same release: “Intema was a logical next step for LOOT.BET to pursue its growth, as it will allow us to expand into new markets in North America and benefit from synergies with complementary businesses to drive more traffic and thus more revenue. We are impressed with what Intema has achieved over a very short period of time. We see the potential once all the elements are in place, and we are thrilled to be part it.”
This is a great move for LOOT.BET. While they were a very popular esports betting operator in Europe, they have not been able to expand their presence globally. Now that the betting markets in the US are loosening their restrictions, the increase in funding and support from Intema should allow them to expand into new and more profitable regions.