SportNation Honored for Best UK Football Odds at Bookmaker Awards by Better Collective

Esports Entertainment Group’s betting site named top iGaming operator ahead of Premier League season launch

Hoboken, New Jersey, August 9, 2022 – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (“EEG” or the “Company”) announced today that its iGaming platform SportNation was recognized for having the best UK football odds at the 2022 Bookmaker Awards.

“We are proud of our team at SportNation for being named a top iGaming operator by Better Collective,” said Michael Wilson, President of iGaming at Esports Entertainment Group. “We have an exceptional trading team that are worthy recipients of this recognition, given the constant passion, innovation and variety of markets they create and that our customers continue to enjoy. We take great pride in our product and with the start of the 2022-23 Premier League season, along with the World Cup approaching, we’ll continue rewarding all bets as well as offering exciting promotions and boosts around key global sporting events.”

SportNation offers a full online sports wagering and iGaming product to customers in the UK and Ireland.  

“Esports Entertainment Group’s iGaming division continues to showcase what sets us apart from our competitors,” said Grant Johnson, CEO of Esports Entertainment Group. “The expert trading teams at SportNation and our other betting platforms including Bethard, Lucky Dino, and Vie.bet are proven to offer customers the best odds in the industry.”

Better Collective’s annual Bookmaker Awards honor the top bookmakers in up to 10 categories in four markets: Denmark, Poland, Sweden, and the UK. The awards are unique in the industry as they use data from bettors to understand what they consider important when choosing a bookmaker.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.


Esports Entertainment Group, Inc. Announces Preferred Stock Dividend

Hoboken, New Jersey–(Newsfile Corp. – July 5, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (or the “Company”) announced today that its Board of Directors has declared monthly cash dividends for its 10.0% Series A Cumulative Redeemable Convertible Preferred Stock (“Series A Preferred Stock”), for July, August and September 2022.

Jul. 2022 Aug. 2022 Sep. 2022
Dividend per share $0.08 $0.08 $0.08
Record date Jul. 15, 2022 Aug. 15, 2022 Sep. 15, 2022
Payment date Aug. 1, 2022 Aug. 31, 2022 Sep. 30, 2022

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information, visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Media Inquiries
Brandon Apter
Brandon.apter@esportsentertainmentgroup.com

eeg@kcsa.com

Investor Relations Inquiries
gmbl@jcir.com

Esports Entertainment Group Reports Fiscal 2022 Third Quarter Revenue of $15.7 Million

Updates Fiscal 2022 Revenue Guidance to $55 to $60 Million

Hoboken, New Jersey–(Newsfile Corp. – May 23, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced financial results for its fiscal 2022 third quarter ended March 31, 2022.

Fiscal Third Quarter 2022 Financial Results

  • Net revenue of $15.7 million, up $10.3 million compared to fiscal 3Q21, and an 8.0% sequential increase from net revenue of $14.5 million in fiscal 2Q22.
  • Gross profit of $9.4 million, up $6.3 million compared to fiscal 3Q21, and a 17.5% sequential increase from $8.0 million in fiscal 2Q22.
  • Gross margin of 60.0% favorably compares to 55.0% in fiscal 3Q21.
  • GAAP net loss to common shareholders of $63.8 million, or $2.11 per share, inclusive of a $38.6 million asset impairment charge as well as a $20.6 million charge for a derivative debt liability. This compares to a net loss of $12.4 million, or $0.73 per share in fiscal 3Q21, and a net loss to common shareholders of $34.5 million, or $1.53 per share, in fiscal 2Q22.
  • Non-GAAP adjusted EBITDA* loss of $7.3 million, inclusive of an adjustment of $38.6 million for an asset impairment charge and $20.6 million for a derivative debt liability. This compares to an adjusted EBITDA loss of $2.6 million in fiscal 3Q21 and an adjusted EBITDA loss of $6.8 million in fiscal 2Q22.
  • As of March 31, 2022, the Company had total cash and cash equivalents of $9.4 million.

* Reconciliation on non-GAAP financial measures provided in the tables of this press release.

Fiscal Third Quarter 2022 and Recent Operating Highlights

  • Subsequent to the end of the quarter, in May 2022 the Company named Jan Jones Blackhurst and Kaitesi Munroe to its Board of Directors, bringing the total number of Board members to 8, including 5 independent directors, effective June 1.
  • Subsequent to the end of the quarter, in April 2022 the Company fully launched its VIE.gg esports betting platform in the state of New Jersey following the completion of the soft play portion of the approval process which commenced in February 2022.
  • In March 2022, Damian Mathews was named the Company’s CFO. He has served on the Company’s Board of Directors since June 2020 and served as CFO of the Qatar and Abu Dhabi Investment Company from 2014 to 2020.
  • On March 19-20, the Company held the launch event for its peer-to-peer esports wagering platform at the Hard Rock Hotel & Casino Atlantic City. The landmark event drew hundreds of registered participants and over 16,000 live stream viewers.
  • In March 2022, the Company sold 15 million shares of common stock and warrants to purchase 15 million shares of common stock for a combined offering price of $1.00, raising net proceeds of approximately $13.6 million.
  • In February 2022, the Company announced that GAMMAX, a gaming and esports provider in the Netherlands, became the exclusive distributor of OMEGA in the Dutch market. GAMMAX also agreed to install the turnkey esports solution in its GAMMAX Gaming & Esports Centers and Leisure locations across the Netherlands over a five-year period.
  • In January 2022, Stuart Tilly was named the Company’s COO after serving as the Company’s Chief Legal Officer since 2020. From 2016 to 2020, he was CEO of Argyll Entertainment, a business acquired by the Company in 2020.

Management Commentary

“Our fiscal third quarter 2022 results illustrate growing top-line momentum across both our iGaming and esports verticals, which benefited from a more normalized operating environment in the quarter,” said Grant Johnson, CEO of Esports Entertainment Group. “On the iGaming front, we generated record-breaking quarterly revenue at Lucky Dino, one of our proprietary iGaming brands, experienced more balanced sportsbook hold, and improved the overall profitability of the business, reflecting initial benefits from our newly implemented efficient marketing strategy. With respect to esports, the market continues to recover from the impact of the pandemic as more live, in-person events return to calendars worldwide. Following the successful launch of our proprietary peer-to-peer wagering platform, at the Hard Rock in Atlantic City in March, we expect an increase in similar events going forward as interest in our unique esports solution continues to grow. We also completed the full launch of our mobile real money esports betting product, VIE.gg, in New Jersey and are excited to further leverage this product offering in what is the U.S.’s 11th most populous state. In addition, we continue to see healthy interest in ALPHA and OMEGA, our turnkey solutions for businesses and entertainment venues looking to add an esports attraction, from a wide variety of potential customers who are looking for ways to leverage existing facilities by expanding their current offerings and create new revenue streams.

“Despite this momentum, we are addressing several near-term challenges which are constraining our ability to grow the business and to drive that growth to the bottom line. Given our lack of liquidity, we have been unable to fully monetize certain of our esports assets – including Helix, ggCircuit and EGL. As a result, we are taking a $38.6 million impairment charge in the quarter across these three businesses. We do not see a path to attractive profitability in the Helix business given its significant overhead and ongoing capex and are currently working to divest our two existing centers. ggCircuit and EGL are two assets which we have not effectively been able to monetize due to liquidity constraints. Our team is working internally to properly forecast the long-term opportunity for these businesses, which will allow us to better establish their carrying value. To address our liquidity position and improve our ability to invest in the business and adequately support our growth initiatives, we are actively working with our lender on key modifications to the loan and hope to have more to share on this front in the near-term.

“To address these challenges, position the Company for added growth, and ultimately achieve our operational and profitability goals, we are implementing a number of strategies which we believe will allow us to create value for our shareholders. First, our team is in the final stages of dramatically simplifying our offering in the esports space, focused on SAAS-based technology under the ggCircuit brand, in-person tournaments under the EGL brands, and our peer-to-peer wagering platform. This asset-light model will allow us to more efficiently leverage our esports assets. Second, and most importantly, we are aggressively cutting costs across our seven brands. This includes removal of duplicative functions and de-emphasizing non-core assets. It has also driven our iGaming team to be more strategic in our sales and marketing initiatives in certain European markets and implement a return-focused player investment strategy that yields more attractive customer acquisition metrics. To-date, we’re projecting material savings over the next 12 months through an amended marketing strategy and through the implementation strategies to drive operating efficiencies. We have also identified further avenues to increase our cost savings and will pursue these in the coming months. We are encouraged by the early results of these efforts and expect them to have a significant positive impact on our future results, including our progress towards profitability, with a goal to achieve break-even on an annualized basis by early fiscal 2023.

“As we look ahead, the building blocks for further growth remain firmly in place. However, today’s market conditions are different and, as such, our team has adjusted to focus on achieving breakeven as quickly as possible. Given this change in focus and our third quarter performance, we believe it is prudent to update the full-year revenue expectations to a range of $55 to $60 million from the prior $70 to $75 million range. While we have come a long way in a short period of time, there is much work ahead of us as we become a leaner organization that can operate more efficiently and create greater value for our partners and shareholders.”

About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Investor Relations Inquiries
JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
212-835-8500
gmbl@jcir.com

Media Inquiries
brandon.apter@esportsentertainmentgroup.com
or
eeg@kcsa.com

 

Esports Entertainment Group, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

March 31, 2022 June 30, 2021
ASSETS
Current assets
Cash $ 9,404,637 $ 19,917,196
Restricted cash 2,968,183 3,443,172
Accounts receivable, net 374,435 136,681
Receivables reserved for users 1,329,709 2,290,105
Other receivables 1,339,497 658,745
Prepaid expenses and other current assets 1,727,567 3,264,344
         Total current assets 17,144,028 29,710,243
Equipment, net 136,612 726,942
Operating lease right-of-use asset 221,332 1,272,920
Intangible assets, net 37,835,275 45,772,555
Goodwill 28,118,967 40,937,370
Other non-current assets 2,217,660 1,315,009
         TOTAL ASSETS $ 85,673,874 $ 119,735,039
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses $ 12,973,020 $ 8,458,689
Liabilities to customers 3,932,287 3,057,942
Deferred revenue 580,004 22,110
Senior convertible note 35,000,000
Derivative liability 20,573,051
Current portion of notes payable and other long-term debt 258,385 223,217
Operating lease liability – current 585,786 414,215
Contingent consideration – current 2,436,591
         Total current liabilities 76,339,124 12,176,173
Senior convertible note, net of unamortized discount 6,302,504
Notes payable and other long-term debt 112,425 221,300
Warrant liability 4,411,580 23,500,000
Deferred income taxes 1,870,861
Operating lease liability – non-current 1,120,225 878,809
Contingent consideration – non-current 1,296,385
         TOTAL LIABILITIES 83,279,739 44,949,647
Commitments and contingencies
Mezzanine equity:
10% Series A cumulative redeemable preferred stock, $0.001 par value, 1,725,000
authorized, 835,950 shares issued and outstanding, aggregate liquidation preference
$9,195,450 at March 31, 2022
7,707,543
Stockholders’ equity (deficit):
Preferred stock $0.001 par value, 10,00,000 shares authorized
Common stock $0.001 par value, 500,000,000 shares authorized, 40,722,944 and
21,896,145 shares issued and outstanding as of March 31, 2022 and June 30, 2021,
respectively 40,723 21,896
Additional paid-in capital 144,528,035 122,341,002
Accumulated deficit (145,364,841 ) (46,908,336 )
Accumulated other comprehensive loss (4,517,325 ) (669,170 )
         Total stockholders’ equity (deficit) (5,313,408 ) 74,785,392
         TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’
EQUITY (DEFICIT)
$ 85,673,874 $ 119,735,039

 

Esports Entertainment Group, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended March 31, Nine Months Ended March 31,
2022 2021 2022 2021
Net revenue $ 15,699,587 $ 5,398,708 $ 46,638,925 $ 7,983,293
Operating costs and expenses:
Cost of revenue 6,282,445 2,321,620 19,248,877 4,249,889
Sales and marketing 7,074,414 2,399,200 21,332,423 4,891,688
General and administrative 14,339,615 6,291,388 38,685,937 14,082,111
Asset impairment charges 38,629,310 38,629,310
Total operating expenses 66,325,784 11,012,208 117,896,547 23,223,688
Operating loss 50,626,197 5,613,500 71,257,622 15,240,395
Other income (expense):
Interest expense (611,021 ) (5,368,933 )
Loss on conversion of Senior Convertible Notes (5,999,662 )
Loss on extinguishment of Senior Convertible Notes (28,478,804 )
Change in fair value of derivative liability on senior convertible note (20,573,051 ) (22,055,672 )
Change in fair value of warrant liability 8,181,398 (5,358,313 ) 28,641,920 (4,729,924 )
Change in fair value of contingent consideration 99,247 (1,305,804 ) 1,950,693 (1,305,804 )
Other non-operating income (loss) (39,440 ) (165,463 ) (1,391,855 ) (265,487 )
Total other income (expense) 12,942,867 (6,829,580 ) (32,702,313 ) (6,301,215 )
Loss before income taxes 63,569,064 12,443,080 103,959,935 21,541,610
Income tax benefit (expense) (431 ) 5,503,430
Net loss $ 63,569,495 $ 12,443,080 $ 98,456,505 $ 21,541,610
Dividend on 10% Series A cumulative redeemable preferred stock (200,628 ) (300,942 )
Accretion of 10% Series A cumulative redeemable preferred stock to
redemption value (73,136 ) (108,209 )
Net loss attributable to common stockholders $ 63,843,259 $ 12,443,080 $ 98,865,656 $ 21,541,610
Net loss per common share:
Basic and diluted loss per common share $ (2.11 ) $ (0.73 ) $ (3,97 ) $ (1.54 )
Weighted average number of common shares outstanding, basic and diluted 30,308,685 16,950,275 24,874,910 13,974,197

 

Adjusted EBITDA

The table below presents our Adjusted EBITDA reconciled to our net loss, the closest U.S. GAAP measure, for the periods indicated:

Three Months Ended March 31, Nine Months Ended March 31,
2022 2021 2022 2021
Net income (loss) $ (63,569,495 ) $ (12,443,080 ) $ (98,456,505 ) $ (21,541,610 )
Adjusted for:
        Interest 611,021 5,368,933
        Income tax 431 (5,503,430 )
        Depreciation and amortization 3,343,725 882,951 10,026,191 1,687,161
        Shared based compensation expense 1,346,502 743,527 3,958,275 3,055,118
        Asset impairment charges 38,629,310 38,629,310
        Transaction related expenses 13,532 1,340,249 269,013 1,435,788
        Other non-operating cost 39,440 165,463 1,391,855 265,487
        Change in fair value of warrant liability (8,181,398 ) 5,358,313 (28,641,920 ) 4,729,924
        Change in fair value of derivative liability
on senior convertible note
20,573,051 22,055,672
        Loss on conversion of senior convertible
note
5,999,662
        Loss on extinguishment of senior
convertible note
28,478,804
        Change in fair value of contingent
consideration
(99,247 ) 1,305,804 (1,950,693 ) 1,305,804
Total adjusted EBITDA (loss) $ (7,293,128 ) $ (2,646,773 ) $ (18,374,833 ) $ (9,062,328 )

 

Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), the Company uses adjusted EBITDA, a non-GAAP financial measure. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that it provides useful information about operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP financial measure used by the Company in this press release may be different from the methods used by other companies.

We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, non-core litigation, settlement and related costs, remeasurement of warrant liabilities, and certain other non-recurring, non-cash or non-core items, as described in the reconciliation below.

Adjusted EBITDA excludes certain expenses that are required in accordance with U.S. GAAP because they are non-recurring items (for example, in the case of transaction-related costs), non-cash expenditures (for example, in the case of depreciation, amortization, and stock-based compensation), or are not related to our underlying business performance (for example, in the case of interest income and expense and litigation settlement and related costs).

Esports Entertainment Group Announces Appointment of Kaitesi Munroe to Board of Directors

Hoboken, New Jersey–(Newsfile Corp. – May 20, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced the appointment of Kaitesi Munroe to the Company’s Board of Directors. Ms. Munroe satisfies the criteria for independent directors for the purposes of Nasdaq rules and applicable Securities and Exchange Commission requirements. Her appointment will bring the size of the Board to eight members.

“We are excited to further strengthen and diversify our Board of Directors through the appointment of Kaitesi Munroe, and I am delighted to welcome her to the Company,” said Grant Johnson, Chairman and CEO of Esports Entertainment Group. “Her extensive knowledge and experience with legislative matters and government affairs will be of critical importance as we expand our iGaming footprint and establish ourselves as the leading provider of technology solutions to the fast-growing and exciting world of real money esports wagering. I am confident that Kaitesi’s background makes her a great addition to the Board of Directors, and we are looking forward to benefiting from her perspective.”

Kaitesi Munroe has served as a Principal at Cozen O’Connor Public Strategies since 2021. In this role, she provides clients with strategic advice and advocacy in advancing their priorities with elected officials, community leaders, and trade associations.

She also served as a government affairs and social impact associate at The Madison Square Garden Company from 2019 to 2021, and a legislative analyst for the New York State Assembly from 2015 to 2019, during which time she was involved in creating the legislative framework that implemented daily fantasy sports in the state. She holds an MPA from the State University of New York, Albany’s Rockefeller College of Public Affairs & Policy and a BS from the State University of New York, Buffalo.

About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Investor Relations Inquires
JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
(212) 835-8500
gmbl@jcir.com

Media Inquiries
Brandon Apter
brandon.apter@esportsentertainmentgroup.com
or
eeg@kcsa.com

Esports Entertainment Group Announces Appointment of Jan Jones Blackhurst to Board of Directors

Hoboken, New Jersey–(Newsfile Corp. – May 3, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced the appointment of Ms. Jan Jones Blackhurst to the Company’s Board of Directors. Ms. Jones Blackhurst satisfies the criteria for independent directors for the purposes of Nasdaq rules and applicable Securities and Exchange Commission requirements. Ms. Blackhurst’s appointment will bring the size of the Board to seven members.

“We are delighted to welcome Jan Jones Blackhurst, a highly distinguished leader, to our Board of Directors,” said Grant Johnson, Chairman and CEO of Esports Entertainment Group. “She brings a wealth of knowledge and experience which will be of great value to our Company as we expand our iGaming and esports operations and establish ourselves as the leading provider of technology solutions to the fast-growing, exciting world of real money esports wagering. This is a critical time in our evolution, and I am confident that Jan will be an effective steward of the Company’s growth and quickly become a valued counselor to the Board and our leadership team given her significant insight and perspective.”

Jan Jones Blackhurst has served on the Board of Directors of Caesars Entertainment Corporation since 2019 after serving as the company’s Executive Vice President for Government Relations & Corporate Responsibility from 1999 to 2019. She has also served as Chief Executive in Residence at the UNLV International Gaming Institute since 2019 and as Executive Director of the UNLV Black Fire Leadership Initiative since 2021. Prior to her involvement with Caesars, Ms. Jones Blackhurst served two four-year terms as Mayor of Las Vegas from 1991 to 1999. She currently serves on the Board of Directors for the U.S. Chamber of Commerce (Vegas Chamber), Gaming and Hospitality Acquisition Corp., the Global Fairness Initiative, the Nevada Resort Association, the Las Vegas Visitors and Convention Authority, and the Las Vegas Stadium Authority. Ms. Jones Blackhurst holds a BA in English from Stanford University and attended the University of Southern California’s School of Food Marketing Management. She is also a member of the American Gaming Association’s Gaming Hall of Fame.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Investor Relations Inquires
JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
(212) 835-8500
gmbl@jcir.com

Media Inquiries
brandon.apter@esportsentertainmentgroup.com
or
eeg@kcsa.com

Esports Entertainment Group, Inc. Announces Preferred Stock Dividend

Hoboken, New Jersey–(Newsfile Corp. – April 5, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (or the “Company”) announced today that its Board of Directors has declared monthly cash dividends for its 10.0% Series A Cumulative Redeemable Convertible Preferred Stock (“Series A Preferred Stock”), for April, May and June 2022.

Apr. 2022 May. 2022 Jun. 2022
Dividend per share $0.08 $0.08 $0.08
Record date Apr. 15, 2022 May. 15, 2022 Jun. 15, 2022
Payment date Apr. 30, 2022 May. 31, 2022 Jun. 30, 2022


About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

Forward-Looking Statements

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Media Inquiries
Brandon Apter
Brandon.apter@esportsentertainmentgroup.com
eeg@kcsa.com

Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com.
gmbl@jcir.com

Esports Entertainment Group Completes ‘Soft Play’ Phase Ahead of Full Launch of Betting Operations in New Jersey

Hoboken, New Jersey–(Newsfile Corp. – April 4, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) announced today that it has successfully completed the ‘soft play’ phase of New Jersey’s Division of Gaming Enforcement regulatory process for betting in the state. The Company’s VIE.gg esports betting platform will debut its full launch today, allowing registered bettors across the state of New Jersey to place wagers on approved professional esports events.

Esports Entertainment Group is the first operator to be granted the right to launch full esports betting operations in the state of New Jersey. The Company’s VIE.gg platform allows bettors across the state of New Jersey, the 11th most populous U.S. state, to wager on their favorite esports teams in real-time as part of a seamless and immersive experience. Players are able to leverage their esports prowess across games such as Call of Duty™, Overwatch™, CS:GO™, League of Legends™ and DOTA 2™.

“We are pleased with the completion of the soft play period, which is a testament to all the hard work by our team over the past year,” said Grant Johnson, CEO of Esports Entertainment Group. “As the first licensed esports-focused betting site in North America, we’re thrilled to fully launch the VIE.gg platform in New Jersey, one of the largest and most promising jurisdictions for sports wagering in the country.”

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Media Inquiries
brandon.apter@esportsentertainmentgroup.com

KCSA
eeg@kcsa.com

Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
212-835-8500
gmbl@jcir.com

Esports Entertainment Group to Participate in the 2022 Virtual Growth Conference Presented by Maxim Group LLC and Hosted By M-Vest on March 28th – 30th from 9:00 a.m. – 5:00 p.m. EDT

Hoboken, New Jersey–(Newsfile Corp. – March 24, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (EEG or the “Company”), announced today that CEO Grant Johnson has been invited to present at the 2022 Virtual Growth Conference, presented by Maxim Group LLC and hosted by M-Vest, on March 28th – 30th from 9:00 a.m. – 5:00 p.m. EDT.

Johnson will be presenting during the panel entitled “iGaming & Sports Betting – Market Expansion Opportunities”, which will take place from 2:30 p.m. – 3:30 p.m. EDT.

During this virtual conference, investors will hear from executives from a wide range of sectors including Biotech, Clean Energy, Electric Vehicles, Financial Services, Fintech & REITS, Gaming & Entertainment, Healthcare, Healthcare IT, Infrastructure, Shipping and Technology/ Media/Telecom. The conference will feature company presentations, fireside chats, roundtable discussions, and live Q&A with CEOs moderated by Maxim Research Analysts.

This conference will be live on M-Vest. To attend, just sign up to become an M-Vest member.

Click Here to Reserve your seat

About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Media Inquiries
Brandon Apter
Brandon.apter@esportsentertainmentgroup.com

Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

Esports Entertainment Group Hosts First US Skill-Based Wagering Event at Hard Rock Hotel & Casino Atlantic City

Tournament held on March 19-20 Launched EEG’S LANDuel Platform

Hoboken, New Jersey–(Newsfile Corp. – March 22, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (EEG or the “Company”) today announced its LANDuel launch event, held at the Hard Rock Hotel & Casino Atlantic City on March 19-20, drew more than 290 registrants for the first sanctioned skill-based wagering event in the U.S.

More than 16,000 live viewers watched professional competitors DubDot, Joke, and OneGreatUser play and stream from the event. In addition, over 100 on-site spectators including representatives from multiple casinos, resorts, and professional sports teams attended the tournament.

The event was the debut of EEG’s LANDuel platform, and will be the springboard for more esports betting events and permanent installations at Hard Rock Atlantic City.

“We are delighted to announce this first-of-its-kind tournament, held at one of the top global hotel and casino venues, was a success,” said Grant Johnson, CEO of Esports Entertainment Group. “The strong interest in the event by participants and spectators showcases what we already knew about this industry: esports players are excited for the opportunity to participate in peer-to-peer wagering on a tournament level.”

The tournament was the first esports skill-based wagering event approved by the New Jersey Division of Gaming Enforcement where participants were permitted to wager on themselves in each round of the event. Throughout the tournament, players were able to place bets on their own matches as they tried to make their way to the finals.

Competitive Madden player Jaybird received the first-place prize of $3,600.

“I am honored to have won and be the first LANDuel champion. The entire tournament ran very well, and the team at EEG took care of the players, which means a lot to me,” Jaybird said. “Instant payouts aren’t commonplace in large-scale tournaments, so this is another thing they knocked out of the park. I’m excited to take part in future tournaments and defend my title as LANDuel Champion.”

The event space at Hard Rock Atlantic City also featured a dedicated set of PCs for non-tournament participants to compete in side matches on LANDuel. This gave eligible tournament spectators and casino guests the ability to side-wager in their own matches outside of the tournament.

“We are extremely proud to offer a one-of-a-kind esports wagering experience in partnership with EEG,” said Joe Lupo, President of Hard Rock Hotel & Casino Atlantic City. “We are confident that this innovative and highly regulated partnership will prove to be a success, contributing to our market-leading gaming offerings.”

About Hard Rock Hotel & Casino Atlantic City

With the legendary Atlantic City Boardwalk as its backdrop, Hard Rock Hotel & Casino Atlantic City has become Atlantic City’s go-to entertainment destination. The property features an award-winning gaming floor that offers 2,250 slots, 120 table games, and dedicated Sportsbook. The highly regarded resort has been recognized as Forbes Best Place to Work in New Jersey, as well as awards from Casino Player Magazine’s 2020 and 2021 Best of Gaming Awards and USA Today’s 10Best Casinos. Boasting more than 16 food and beverage offerings, guests are able to enjoy fine dining at Council Oak Steaks & Seafood, Kuro, Sandpiper and Il Mulino, to casual fare at Hard Rock Cafe, YOUYU Noodle Bar, Sugar Factory and Fresh Harvest Buffet. The music-inspired resort offers guests a glimpse into the world’s most valuable and largest music memorabilia collection, along with services from Rock Spa® & Salon, which offers rhythm and music inspired treatments like the Soul Survivor Massage. With more than 150,000 square feet of meeting and event space, Hard Rock Atlantic City can fit any bill from intimate board meetings to large-scale conferences. For more information or to book your stay, please visit hardrockhotelatlanticcity.com.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Media Inquiries
Brandon Apter
Brandon.apter@esportsentertainmentgroup.com

Joshua Greenwald
eeg@kcsa.com

Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
212-835-8500
gmbl@jcir.com

Hard Rock Hotel & Casino Atlantic City
Nikki Balles
609-449-5294
Nikki.Balles@hrhcac.com

Esports Entertainment Group Appoints Damian Mathews as Chief Financial Officer

Hoboken, New Jersey–(Newsfile Corp. – March 14, 2022) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced that it has named Damian Mathews, a member of the Company’s Board of Directors and Chairman of the Audit Committee, as its new Chief Financial Officer effective April 2, 2022, replacing Dan Marks.

“Damian Mathews brings more than 25 years of global experience, working across banking, private equity and real estate,” said Grant Johnson, CEO of Esports Entertainment Group. “Damian has been a valuable part of the Company’s board since 2020 and we’re confident Damian’s expertise and leadership will make him a critical partner as we execute on our strategic and financial plan for this year and beyond.”

“I am delighted to accept the appointment as EEG’s Chief Financial Officer,” added Mathews. “The Company has grown rapidly and has immense ambition in the exciting industry of esports. 2022 will be a pivotal and exciting time as we aim to continue to grab market share and develop and enhance our products to drive strong unit economics. I believe the Company’s product offerings are at the early stages of their growth cycles and well-positioned to capitalize on a sizable market opportunity and evolving consumer behaviors. I look forward to helping Esports Entertainment Group in its efforts to further expand its market share in the coming year.”

Damian Mathews served as CFO of the Qatar and Abu Dhabi Investment Company from 2014 to 2020 and as Director of his own consultancy, NZ Pacific Investments, from 2012 to 2014. From 2009 to 2012 he held various senior management positions at Commonwealth Bank of Australia Group. He also held various positions of growing stature at ABN Amro, Royal Bank of Scotland, Credit Suisse First Boston and KPMG between 1994 and 2009. Mathews holds a joint honors undergraduate degree in Economics and Politics from the University of Bristol in the UK and is a fellow of the Institute of Chartered Accountants in England and Wales.

About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our 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. 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. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

Investor Relations Inquires
jeff@esportsentertainmentgroup.com

JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
(212) 835-8500
gmbl@jcir.com

Media Inquiries
brandon.apter@esportsentertainmentgroup.com
eeg@kcsa.com