Category: Press Releases

St. Julian’s, Malta–February 20, 2024 – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced an update to its voluntary delisting from the Nasdaq Stock Market LLC (“Nasdaq”). On the opening of trading on February 21, 2024, the Company’s Common Stock, par value $0.01 per share, 10.0% Series A Cumulative Redeemable Convertible Preferred Stock and Common Stock Warrants (the “Securities”) will be suspended on Nasdaq and will be quoted on the OTC Pink Market of the OTCMarkets initially, while seeking to subsequently have its Securities quoted on the OTCQB® Venture Market of the OTCMarkets.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 1,000 global locations, including more than 200 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including, the timing of the effectiveness of our delisting and ability and timing of deregistration of our Securities, the timing of our listing on the OTCQB® Venture Market of the OTCMarkets, our obligations under our outstanding preferred stock and the settlement agreement with the holder of our Series C Preferred Stock and Series D Preferred Stock, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

Crescendo Communications, LLC

Tel: (212) 671-1021

Email: [email protected]

Temporary Shift to OTC Markets Expected to Drive Additional Cost Savings

St. Julian’s, Malta–February 13, 2024 – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced that its Board of Directors, after thorough and careful consideration of all available information, has approved a voluntary delisting of the Company’s Common Stock, par value $0.01, 10.0% Series A Cumulative Redeemable Convertible Preferred Stock and Common Warrants (the “Securities”) from the Nasdaq Stock Market (“Nasdaq”), which is expected to reduce the Company’s public costs as it advances its strategy to drive growth and profitability. As a result, the Company anticipates that it will file with the Securities and Exchange Commission a Form 25 relating to the delisting of its Securities and expects its Securities will be listed on the OTCQB® Venture Market of the OTCMarkets, until such time it decides to reapply and is approved to relist on a senior U.S. Exchange. On February 13, 2024, when the Company informed the Nasdaq of its intention to delist it was under a Nasdaq Panel Monitor and not in compliance with the Nasdaq’s stockholders’ equity requirement.

Alex Igelman, CEO of Esports Entertainment Group, stated, “While we have solid assets inside the business, and have assembled a first-class management and board, the restructuring and turnaround of the business has been no small undertaking. Although we have made substantial and rapid progress, we have several more significant initiatives still underway. At the same time, the expenses related to maintaining our Nasdaq listing are significant, and, despite our listing on a senior U.S. exchange, we do not believe the current market price reflects the intrinsic value of our business. At the moment, we are 100% focused on driving growth and profitability and believe that this move to the OTCMarkets will allow us to regroup as we execute on the aforementioned initiatives. In this way, assuming we meet the listing requirements, we could relist on a senior U.S. Exchange at a time of our choosing. In the meantime, we plan to reallocate resources towards activities, some of which we have previously identified, that we believe will generate the highest return on capital and maximum long-term value for our shareholders”.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 1000 global locations, including more than 200 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including, the timing of the effectiveness of our delisting and ability and timing of deregistration of our Securities, our obligations under our outstanding preferred stock and the settlement agreement, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

View Form 8-K:

https://www.sec.gov/Archives/edgar/data/1451448/000149315224006021/form8-k.htm

St. Julian’s, Malta–December 20, 2023–Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced that its Board of Directors has approved a 1-for-400 reverse stock split of the Company’s common stock, par value $0.001 (the “Common Stock”). The reverse stock split will become effective at 4:01 PM ET on December 21, 2023. The Common Stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market under the same symbol “GMBL” when the market opens on December 22, 2023, with the new CUSIP number 29667K603. 

The reverse stock split was approved by the Board of Directors in accordance with Nevada law, under which no stockholder approval is required. As a result of the reverse stock split, every 400 shares of common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock with no change in the $0.001 par value per share. The exercise prices and the number of shares issuable upon exercise, of the outstanding stock options and warrants, and the number of shares available for future issuance under the equity incentive plans will be adjusted in accordance with their respective terms. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of the Company’s shares, with the exception of those holders of fractional shares. The reverse stock split will reduce the number of outstanding shares of Common Stock from approximately 426 million to approximately 1.065 million shares and also proportionately reduce the number of authorized shares of Common Stock from 500 million to 1.25 million shares. In order to raise capital to maintain compliance with minimum equity listing requirements, we intend to seek stockholder approval to increase the number of authorized shares of common stock at our annual shareholders meeting.

The reverse stock split will also apply to common stock issuable upon the conversion of the Company’s Series C Convertible Preferred Stock and Series D Convertible Preferred Stock, with the Conversion Price, as defined in their Certificates of Designation, being subject to adjustment under the terms of their respective Certificates of Designation and the previously disclosed settlement and waiver agreement, dated October 6, 2023. The conversion provision of the 10% Series A Cumulative Redeemable Convertible Preferred Stock, which is convertible into shares of Common Stock, will also be adjusted to reflect the Company’s reverse stock splits.

The reverse stock split is being effected after the Board of Director’s consideration of a variety of factors, including the current trading price of the Common Stock and regaining compliance with Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule),” as well as Nasdaq $1.00 minimum bid price requirement Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The Company presented its plan to regain compliance with the Low Priced Stocks Rule and the Minimum Bid Price Rule, as well as its compliance with the $2.5 million minimum stockholders’ equity requirement, as outlined in Listing Rule 5550(b)(1) (“Equity Rule”), at its Panel hearing on December 14, 2023. On December 19, 2023, the Panel granted the Company an exception until January 24, 2024 to demonstrate compliance with the Low Priced Stocks Rule and the Minimum Bid Price Rule (“Bid Price Compliance”). Upon determining Bid Price Compliance, the Panel will determine whether to grant the Company a further extension to regain compliance with the Equity Rule.

No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu of fractional shares.

Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, the Company’s transfer agent, VStock Transfer, LLC, will send instructions for exchanging those certificates for shares held electronically in book-entry form or for new certificates, in either case representing the post-split number of shares.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including, our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

Julians, Malta–December 8, 2023–Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced that its Board of Directors has suspended payment of the monthly cash dividend on the Company’s outstanding 10% Series A Cumulative Redeemable Convertible Preferred Stock (the “Series A Preferred Stock”), commencing with the monthly dividend that would otherwise be payable in December 2023.  

Alex Igelman, CEO of Esports Entertainment stated, “We are temporarily suspending the dividend on our 10% Series A Cumulative Redeemable Convertible Preferred Stock, as we believe we can effectively reinvest the capital in the business in order to drive the greatest return on capital for shareholders. This is an exciting time for Esports Entertainment, as we execute on our turnaround strategy and position the Company for long-term success. Management and the board of directors will continue to monitor the financial performance of the Company to determine the appropriate time to reinstate the dividend.”

The Company has paid the monthly dividend for November 2023 as previously announced on November 3, 2023. In accordance with the terms of the Series A Preferred Stock, unpaid dividends will continue to be accrued. 

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including the Company’s ability to manage the dividends on its preferred stock. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

Initiatives Expanding Esports and iGaming Offerings, Focusing on End-to-End Betting Solutions

High Standards and Regulatory Compliance Remain at the Forefront; Ensuring Solutions Meet State-by-State Standards to Support Expected Rapid Expansion within Sizable U.S. Market

Julians, Malta–November 21, 2023–Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today provided strategic, financial, and operational updates for the fiscal first quarter ended September 30, 2023.

“In recent months, we have thoroughly reviewed our Company, focusing on the expected trends in esports and iGaming,” said Alex Igelman, CEO of Esports Entertainment. “This review involved a detailed analysis of every aspect of our business, identifying unprofitable operations and contracts. We have taken firm actions, setting the stage for a bright future. While this restructuring incurred one-time expenses, the long-term benefits will far outweigh these costs as we continue to expect a yearly reduction in operating expenses of more than $4 million. This is a transformative time for the Company, marking a fresh start and forging a path towards maximizing our success potential, which we believe will lead to substantial revenue growth and increased long-term shareholder value.”

“During the quarter, the Company announced its latest strategic partnership within the online gaming industry, the integration of a sportsbook supplied by Delasport to its customers on Vie.bet. Partnering with Delasport opens up exciting prospects for EEG to expand its services to new customers in key markets where sports betting is already extremely popular. We are enthusiastic about the potential growth and positive impact this integration will have on our business. Additionally, this partnership sets a solid groundwork for EEG to venture into esports betting in the near future where our plans include offering betting options on traditional esports tournaments and introducing wagering markets on short-cycle esports content.”

“Furthermore, we have partnered with Oddin.gg, a top provider in esports betting solutions, to incorporate their iFrame solution for our bettors. This expansion of our partnership with Oddin.gg is a crucial step for EEG, enabling us to offer betting markets on a variety of esports events, including seasonal high-profile events, annual tournaments, and short-cycle wagerable events. Oddin.gg stands out among esports odds providers with their specialized statistical models and algorithms. We believe these tools, combined with their deep understanding of game dynamics and player preferences, will provide the Company with the ability to create a superior user experience. Their system also allows for predicting in-game outcomes, facilitating live betting within games. We are excited to add these new features, all of which will further enhance the integration of the Delasports betting platform. This launch is pending final approval from the Malta Gaming Authority and is targeted for Q1 2024.”

“Recently, the Company signed a binding Letter of Intent for a 30% minority stake in Drafted.gg, a key player in wagerable esports content, initiating a broader strategic collaboration and revenue-sharing plan. Drafted.gg, known for its high-quality esports content, features popular titles in eSoccer, eBasketball, and eCricket, operating two content production studios in the United Arab Emirates and Prague, Czech Republic. They provide live streams on platforms like Twitch and YouTube, catering to audiences in Europe and Asia. This move aligns with Esports Entertainment’s strategy to integrate wagerable content into its growing esports and iGaming offerings. We foresee expanding our partnership with Drafted.gg, potentially acquiring the remaining 70%, based on the success of their content and our successful onboarding of a U.S. sportsbook. We are confident in the appeal of Drafted.gg’s content, particularly its thousands of monthly, short-cycle games, many concluding in under 8 minutes, to the U.S. esports betting market.”

“The Company’s recent focus has turned towards developing initiatives to further broaden our esports and iGaming solutions in order to create a more comprehensive, end-to-end offering of online betting options for our customers. Through our various partnerships, we have established a robust ecosystem that benefits our clients and customers, alike. A key priority for us is maintaining the highest standards of gaming integrity and audit processes, and we remain committed to ensuring that our content adheres to strict regulatory requirements for skill-based wagering. Our intention is to commission a thorough integrity audit of Drafted.gg by a third party to meet state-by-state standards and support our expected rapid expansion within the sizable U.S. market. We are excited about the future prospects of Esports Entertainment, fueled by the potential of our strategic investments, and are confident that the future is bright.” 

Financial Results

• Revenue totaled $2.7 million for the three months ended September 30, 2023, compared to $9.6 million recorded for the three months ended September 30, 2022
• Cost of revenue totaled $0.6 million for the three months ended September 30, 2023, a decrease of $3.2 million, or 84%, from the $3.8 million recorded for the three months ended September 30, 2022 
• Sales and marketing expense totaled $0.9 million for the three months ended September 30, 2023, a decrease of $1.5 million, or 63%, compared to the $2.4 million recorded for the three months ended September 30, 2022
• General and administrative expense totaled $6.2 million for the three months ended September 30, 2023, a decrease of $3.3 million, or 35%, compared to the $9.5 million recorded for the three months ended September 30, 2022
• Net loss for the three months ended September 30, 2023, was $4.8 million, compared to $4.2 million for the three months ended September 30, 2022
• The Company had approximately $0.3 million of available cash as of September 30, 2023 

The Company’s complete financial results are available in the Company’s Form 10-Q, which has been with the Securities and Exchange Commission and will be available on the Company’s website.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including the Center serving as a hub for competitive gaming communities, bringing together the brightest minds from all stakeholders to develop bespoke software and hardware solutions that equip both students and educators to thrive in the digital age. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

St. Julians, Malta–(Newsfile Corp. – November 3, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (or “EEG”) announced today that its Board of Directors has declared a monthly cash dividend for its 10.0% Series A Cumulative Redeemable Convertible Preferred Stock for Nov 2023.

Dividend per share	$0.08
Record date	Nov. 15, 2023
Payment date	Nov. 30, 2023

About Esports Entertainment Group

Esports Entertainment Group is a leading, global MGA-licensed, “esports-first” iGaming B2C operator and a US-focused B2B aggregator and supplier of esports solutions and e-simulator content. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for e-simulator content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including, the ability to effectuate debt for equity exchanges, the conversion prices, the timing and other terms of such exchanges. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to regain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

[email protected]

Expands Company’s B2B Esports Betting Offerings; Provides Revenue-Sharing from Wagerable Content Distribution

Esports Entertainment to Coordinate Comprehensive Third-Party Operations Integrity Audit to Support U.S. Market Expansion

St. Julians, Malta–October 31, 2023–Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment” or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports solutions provider, today announced that it has signed a binding Letter of Intent to acquire a 30% minority interest, in furtherance of strategic collaboration and revenue sharing agreement with Drafted.gg, a leading wagerable esports content producer based in Czech Republic.

Alex Igelman, CEO of Esports Entertainment stated, “We are excited to obtain a minority interest and participate in a revenue-sharing agreement that Drafted.gg has in place, as a first step in a broader planned collaboration. Drafted.gg is a top-tier provider of esports content, currently including popular esports titles in eSoccer, eBasketball, and eCricket.  Drafted.gg currently operates two content production studios, one in the United Arab Emirates and the other in Prague, Czech Republic. Matches are streamed live and online across Twitch and YouTube, as well as other platforms, and are currently offered in jurisdictions across Europe and Asia. This transaction supports Esport Entertainment’s strategy to embed wagerable content into our expanding esports and iGaming offering. This initial investment and collaboration with Drafted.gg allows us to seamlessly add a best-in-class provider of 24/7 esports content and wagering to the Company’s robust ecosystem.”

“We anticipate that based on the performance of their esports content during the first phase of our collaboration, as well as Esports Entertainment’s ability to successfully onboard its first U.S. sportsbook, the Company would then acquire the remaining 70% of Drafted.gg. We firmly believe that the vast array of content—comprising thousands of short-cycle games available each month, with the majority concluding in 8 minutes or less—will be well received by esports bettors in the United States. We are also confident in our ability to successfully onboard Drafted.gg content with leading U.S. sportsbooks.”

“The Company’s recent focus has turned towards developing initiatives to further broaden our esports and iGaming solutions in order to create a more comprehensive, end-to-end offering of online betting options for our customers. Today’s announcement perfectly complements our impending Delasport sportsbook offering and our collaboration with Oddin.gg, a leading esports betting solution entity. Through these relationships, and coupled with Drafted.gg’s live esports content, the Company has built a comprehensive ecosystem for the benefit of our clients and customers.”

“Most importantly, our unwavering commitment is to uphold the highest level of gaming integrity standards and audit processes, ensuring that the content we generate complies with rigorous regulatory requirements tied to wagering on skill-based content. While we have the utmost confidence that Drafted.gg’s processes and procedures are of the highest caliber, our intention is to commission a thorough integrity audit of Drafted.gg by a third party to meet state-by-state standards and support rapid expansion within the sizable U.S. market. Overall, we could not be more excited about the outlook for this strategic investment and the importance of this collaboration.”

About Drafted.gg

Drafted.gg stands as a premier esports event organizer, offering a range of short-cycle esports matches and continuous 24/7 live streams of prominent sports games, including eSoccer and more. The Company proudly hosts both online and offline tournaments, delivering broadcasts of unmatched quality. Beyond this, the Company’s gaming house hosts in-person events, fully equipped with top-tier gaming equipment and PCs for an unparalleled gaming experience. Committed to providing non-stop esports streaming, our team is comprised of industry professionals, featuring a leading eSoccer coach from the Czech Republic. For additional information, please visit https://www.drafted.gg/.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including the Center serving as a hub for competitive gaming communities, bringing together the brightest minds from all stakeholders to develop bespoke software and hardware solutions that equip both students and educators to thrive in the digital age. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Investor Relations Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

Continues Strategic Restructuring to Optimize Operations;
Reduces Total Liabilities by Over $51 Million Since Beginning of Calendar 2023

Cuts Non-Profitable Operations and Contracts;
Projects Over $4 Million in Annual Savings

Broadens Offerings with Key Partnerships in iGaming and Esports Wagering

St. Julians, Malta–October 16, 2023–Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment” or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports solutions provider, today provided strategic, financial, and operational updates for the fiscal year end June 30, 2023.

“Over recent months, the Company has undertaken a comprehensive examination of our organization, focusing on the anticipated trajectory of the esports and iGaming sectors,” commented Alex Igelman, CEO of Esports Entertainment. “Through this process, we conducted a deep dive into our business from top to bottom and pinpointed operations and contracts that weren’t profitable, leading to decisive actions that have set us up for a promising future. Although the restructuring came with one-time expenses, we are confident that the long-term advantages will significantly outweigh these costs. Moving forward, the Company anticipates a reduction in annual operating expenses of more than $4 million. We have also reduced total liabilities by approximately $51.8 million since January 2023. By focusing resources around core assets, we believe we are establishing a robust foundation for our future. This period of time in the Company’s evolution marks a pivotal shift and new beginning, allowing us to leave behind past barriers and shape a path that maximizes our potential for success, which we believe will drive significant revenue growth and value for our shareholders.”

“Our recent focus has turned towards developing initiatives to further broaden the Company’s esports and iGaming offerings in order to create a comprehensive, end-to-end offering of online betting options to our customers.”

“Building on our recently announced upcoming sportsbook offering, we also recently announced a key partnership with Oddin.gg, a top-tier esports betting solution provider. We plan to integrate Oddin’s cutting-edge iFrame solution into our Idefix iGaming platform, enabling us to supply betting markets  for our customers. This anticipated integration, subject to the approval of the Malta Gaming Authority, is targeted for Q1 2024. Expanding our partnership with Oddin.gg marks a significant step forward for Esports Entertainment as it will allow us to provide odds on traditional esports events, such as seasonal, big-name events, annual esports tournaments, as well as short-cycle wagerable events. What sets Oddin.gg apart is their unique combination of proprietary statistical models, unique algorithms, and deep understanding of game nuances and player inclinations, ensuring an unparalleled user experience. Their platform’s capability to anticipate in-game event outcomes and facilitate live, in-game markets provides users with what we believe will be an unparalleled, iGaming and esports betting experience. The integration of Oddin.gg’s advanced esports wagering solution, combined with the addition of Delasport’s sportsbook, provides Esports Entertainment a comprehensive, B2C esports wagering and iGaming ecosystem.”

“At the same time, our wholly owned subsidiary, ggCircuit, entered into a partnership with Ghost Gaming and Skillshot Media to establish a first-of-its-kind Scholastic Esports Innovation Center within the Ghost Gaming HQ lab, dedicated to pioneering research and co-developing cutting-edge technology tailored to the evolving needs of school esports programs.” 

“Overall, we believe the Company-wide initiatives we have undertaken this year will place us in a stronger financial position, and at the forefront of the rapidly growing esports wagering market which is poised to grow significantly by 2025. Moreover, the addition of Oddin.gg’s iFrame supports the Company’s global expansion strategies, given Oddin’s established international presence. As a result, I could not be more excited by the outlook for our business.”

Financial Results – Fiscal 2023

• Revenue totaled $23.0 million for the fiscal year ended June 30, 2023, compared to $58.4 million for the 2022 comparable period 
• Cost of revenue totaled $8.8 million for the fiscal year ended June 30, 2023, a decrease of $15.4 million, or 64%, from $24.2 million in the 2022 fiscal year 
• Sales and marketing expense totaled $5.9 million for the fiscal year ended June 30, 2023, a decrease of $19.8 million, or 77%, compared to $25.7 million in the 2022 fiscal year 
• General and administrative expense totaled $28.9 million for the fiscal year ended June 30, 2023, a decrease of $22.4 million, or 44%, compared to $51.3 million for the 2022 comparable period
• Net loss for the fiscal year ended June 30, 2023, was $32.3 million, compared to $102.2 million for the 2022 fiscal year

The Company’s complete financial results are available in the Company’s Form 10-K, which has been with the Securities and Exchange Commission and will be available on the Company’s website.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including the Center serving as a hub for competitive gaming communities, bringing together the brightest minds from all stakeholders to develop bespoke software and hardware solutions that equip both students and educators to thrive in the digital age. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Investor Relations Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

St. Julians, Malta—(Newsfile Corp. – Oct 5, 2023) – Esports Entertainment Group, Inc. (NASDAQ:GMBL) (NASDAQ:GMBLP) (NASDAQ:GMBLW) (NASDAQ:GMBLZ) (or “EEG”) announced today that its Board of Directors has declared a monthly cash dividend for its 10.0% Series A Cumulative Redeemable Convertible Preferred Stock for Oct 2023.

Dividend per share	$0.08
Record date	Oct. 15, 2023
Payment date	Oct. 31, 2023

About Esports Entertainment Group

Esports Entertainment Group is a leading, global MGA-licensed, “esports-first” iGaming B2C operator and a US-focused B2B aggregator and supplier of esports solutions and e-simulator content. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for e-simulator content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including, the ability to effectuate debt for equity exchanges, the conversion prices, the timing and other terms of such exchanges. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to regain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:

[email protected]

Esports Entertainment Group, Inc. Announces Partnership with Leading Esports Odds Provider, Oddin.gg, to Integrate its Award Winning Esports Betting Solution into the Company’s iGaming Platform, Idefix

Addition of iFrame esports betting to round out EEG’s end-to-end
B2C esports betting and iGaming offerings

Product offering lineup slated to include betting markets for all major esports events as well as markets on short-cycle wagerable events, with more to follow

St. Julians, Malta –  October 5, 2023 – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Company” or “EEG”) today announced a partnership with Oddin.gg, an industry-leading, esports betting solution provider, whereby the Company will integrate Oddin.gg’s iFrame solution to supply betting lines for its bettors. The launch, subject to the final approval of the Malta Gaming Authority, is targeted for Q1 2024.

Oddin.gg’s iFrame solution, which has received numerous industry awards, including the recent SBC Award: Esports Supplier of the Year, provides the Company with a cutting-edge solution for both popular AAA esport titles as well as short-cycle wagering content for its online casino brands. Adding Oddin.gg’s esports solution will complete the Company’s buildout of its business-to-consumer (B2C) esports wagering and iGaming ecosystem, following the recent addition of a leading sportsbook solution. 

Alex Igelman, Chief Executive Officer of Esports Entertainment Group, commented, “Expanding our partnership with Oddin.gg marks a significant step forward for EEG as it will allow us to provide betting markets on traditional esports events, such as seasonal, big-name events, annual esports tournaments, and short-cycle wagerable events. Unlike other esports odds providers, Oddin.gg leverages their proprietary statistical models and unique algorithms that, when merged with their deep knowledge of game dynamics and player preferences, provide a best-in-class user experience. In addition, the system can predict event outcomes during gameplay and enables live markets within the game. We look forward to launching the new offerings that will complement our recently announced Delasports betting platform integration.” 

“The combination of our proprietary Idefix iGaming platform, the recent addition of a new sportsbook provider, and now Oddin.gg’s esports betting product, provides what we believe will be an unparalleled, end-to-end iGaming and esports betting experience. We believe this offering will place us at the forefront of the esports wagering market, which is experiencing rapid growth worldwide. In the U.S. alone, it is estimated that the total addressable market for esports betting is $13.7 billion, with forecasts suggesting it could reach up to $29.3 billion by 2025. Moreover, the addition of Oddin.gg’s iFrame supports our global expansion strategies, given their presence in Australia, Europe, South America, Africa, Asia and most recently, the U.S. Importantly, we remain committed to the highest level of gaming integrity standards and audit protocols to ensure that the generated content meets strict regulatory requirements applicable to wagering on skill-based content. Overall, we could not be more excited by the outlook for the business.”

Vlastimil Venclik, CEO and Co-founder at Oddin.gg, stated, “Oddin.gg is profoundly excited to forge this partnership with EEG. Witnessing the strides EEG has made in the esports arena, our collaboration promises to be a significant leap towards creating a superior betting ecosystem. EEG’s commitment to innovation and excellence aligns perfectly with our values, and integrating our award-winning iFrame solution is a testament to EEG’s dedication to their clientele. As we embark on this journey, it’s clear that EEG’s visionary approach will undoubtedly shape the future of esports betting. We’re privileged to be part of this momentous venture with EEG.”

About Oddin.gg

Oddin.gg is a B2B provider of esports odds feeds, risk management and iFrame solutions, and is the number one B2B choice for esports betting, enabling the growth of its partners through its end-to-end esports betting ecosystem. The Company’s partners can take advantage of its multi-award winning esports odds feed, risk management, iFrame solution, widgets, 24/7 content, and marketing services. The Company maximizes its partners’ profitability by combining machine learning algorithms with advanced data science. Oddin.gg powers solutions for Betway, Yolo Group, LOOT.BET, Aspire Global, Altenar, Softswiss, and many more sportsbook and platform providers on a global scale.

About Esports Entertainment Group

Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. The Company owns and operates the world’s leading esport venue management system, currently deployed in over 800 global locations, including more than 100 colleges and universities. The Company’s strategy is to capitalize on the multi-billion-dollar market for esports and esports wagering by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports wagerable content, which features competitive, short-cycle head-to-head leagues that are optimized for betting. In addition to its plans to distribute esports content, the Company currently provides B2C-focused wagering through its MGA-licensed suite of brands. For additional information about the Company, please visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These statements relate to future events or to our strategies, targeted markets, and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including the Center serving as a hub for competitive gaming communities, bringing together the brightest minds from all stakeholders to develop bespoke software and hardware solutions that equip both students and educators to thrive in the digital age. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including our ability to maintain compliance with Nasdaq Listing Rules and stay listed on Nasdaq, our obligations under our preferred stock outstanding, and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such Act.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]