Category: Press Releases

St. Julians, Malta–(Newsfile Corp. – October 3, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Company” or “EEG”) today announced its latest strategic expansion within the online gaming industry. The Company is integrating a sportsbook supplied by Delasport to its customers on Vie.bet.

EEG’s latest addition to its offerings reinforces its commitment to providing a dynamic and robust portfolio of online betting products. Even as the Company diversifies its product offerings, its foundation remains solidly in the realm of responsible gaming practices. With the addition of sports wagering through the Delasport platform, EEG is poised to re-introduce a significantly enhanced sportsbook offering.

Alex Igelman, Chief Executive Officer of Esports Entertainment Group, commented, “Partnering with Delasport represents an exciting opportunity for EEG to broaden its offerings to a whole new set of players within key markets where sports betting is already exceptionally popular. We look forward to seeing the anticipated positive impact and growth this integration brings to our company.”

“The partnership with Delasport also lays a secure foundation for EEG to soon launch esports betting. This would include providing betting markets or traditional esports tournaments, as well as introducing betting markets on short-cycle wagerable esports content, and all backed by the expertise of the industry’s leading esports odds provider.”

“Partnering with an industry giant like EEG is yet another milestone in Delasport’s growing track record of successes. We are proud to be able to provide our modern sportsbook solution, boosted with player personalization and engagement tools, to a company with such vast experience,” noted Delasport’s CEO, Oren Cohen Shwartz.

Esports Entertainment Group, Inc. remains at the forefront of online gaming innovations, dedicated to delivering an immersive experience to its user base. With its core values, EEG plans to set its focus deeply into responsible gaming while the brand continues to lead and evolve, catering to both existing customers and welcoming new audiences.

About Delasport

Delasport is a leading iGaming software supplier that delivers a modern one-stop-shop solution for sports betting, online casino, and player account management. Their platform focuses on player experience through personalization, unique exciting ways to bet, strong retention capabilities with rich player engagement suite and cutting-edge technological innovations.

Since its founding in 2010, Delasport has won multiple international awards for its sportsbook and managed services, and has gained a proven track record of excellence, stability, and overall success.

Currently, Delasport has hundreds of experts in various IT, Operations and business fields and several offices: in Bulgaria (Sofia and Plovdiv), Ukraine, and Malta.

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]

Dedicated to pioneering research and co-developing cutting-edge technology tailored to the evolving needs of school esports programs

Center will serve as a hub for competitive gaming communities, bringing together the brightest minds to develop bespoke software and hardware solutions that equip students and educators to thrive in the digital age

St. Julians, Malta –(Newsfile Corp. – September 12, 2023) –  Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Company” or “EEG”) today announced that its wholly owned subsidiary, ggCircuit, entered into a groundbreaking 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.

The Scholastic Esports Innovation Center aims to drive transformative change in the competitive gaming landscape by leveraging the synergies between ggCircuit’s technological expertise and Todd Harris’ deep-rooted commitment to fostering education and professional development through esports. The Center will serve 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.

“Our selection of ggCircuit as our partner is rooted in their unrivaled excellence in the field. However, what truly sets them apart are their shared values and vision for scholastic esports and professional development. Together, we’re dedicated to harnessing the remarkable opportunity presented by competitive gaming to empower the next generation,” stated Todd Harris, Chief Executive Officer of Skillshot Media and Ghost Gaming.

Alex Igelman, Chief Executive Officer of Esports Entertainment Group, commented, “We are thrilled to partner with Todd and Ghost Gaming’s visionary crossroads of esports initiatives. At ggCircuit and EEG, we have always championed underdogs and success stories, and Todd’s inspiring vision for career exposure and creating a tangible pathway for young people to become industry professionals resonates deeply with the Company.”

“The growing adoption of esports within educational institutions is a testament to its exceptional capacity to captivate and ignite the passions of today’s youth. Esports provides a unique avenue for engagement, fostering a sense of camaraderie and teamwork among students while tapping into their natural affinity for digital technology. Beyond its competitive nature, esports opens doors to developing valuable life skills, promoting critical thinking, strategic planning, and effective communication. This surge in adoption underscores the power of esports to not only entertain but also educate and inspire the leaders of tomorrow,” further noted David Williams, Senior Vice President of ggCircuit and Esports for EEG.

About Ghost Gaming

Ghost Gaming is an Atlanta-based organization cultivating the best talent in gaming, providing platforms to create unique partnerships in esports, sports, music, lifestyle and entertainment. Ghost Gaming has a roster of professional esports players and creators across multiple video game titles. With millions of social media followers across all platforms, Ghost is committed to finding and developing exceptional talent that represents the diverse gaming landscape. Additional information is available at: http://www.ghostgaming.com/. 

About Skillshot Media

Skillshot is a one-stop shop for experiential live events, live stream production, and gaming solutions.  We provide a turnkey solution of venue, experience design, live-streaming infrastructure, event production and brand integration to deliver exceptional live, virtual or hybrid events that will engage your audience.  Our team and technology originated in the gaming industry, serving more than one billion engagements, and we now power events for the biggest names across corporate entertainment, esports, non-profit, and other industry segments. https://www.skillshot.com/. 

About ggCircuit

ggCircuit is a pioneer esports technology company committed to enhancing the esports experience for players, venues, and communities. With a proven track record of innovation and a dedication to providing cutting-edge solutions, ggCircuit empowers esports centers and schools worldwide. For more information, visit www.ggcircuit.com.

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 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. – August 30, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (or the “Company”) today announced the promotion of Michael Villani to the position of Chief Financial Officer, effective August 29, 2023.

Mr. Villani joined the Company in February 2021, as its Financial Controller, and on January 6, 2023, was appointed the Company’s Interim Chief Financial Officer. In addition, Mr. Villani serves as the Company’s Principal Financial Officer. Prior to joining the Company, Mr. Villani worked as a Director in the Deal Advisory practice of KPMG supporting clients with technical accounting, buy-side and sell-side transactions, initial public offerings, and SEC reporting. Mr. Villani worked a total of 18 years at KPMG LLP, with 9 years in the Deal Advisory practice and 9 years in the audit practice. Mr. Villani was also previously employed as the Chief Financial Officer of a Geneva-based hedge fund and has held other senior accounting-level roles at public companies. Mr. Villani is a CPA and is a graduate of Pace University, magna cum laude.

Alex Igelman, Chief Executive Officer of Esports Entertainment Group commented, “We are pleased to formally appoint Michael as our Chief Financial Officer after serving as our Interim Chief Financial Officer since early January, as well as holding other key financial roles since becoming part of the Esports Entertainment team in 2021. We have witnessed Michael’s leadership and operational and financial skills first-hand as we have restructured the Company over the past several months, improving our balance sheet, divesting, or closing non-core business lines to streamline operations, and increasing operational efficiencies across the Company. Michael is a valued member of our leadership team, and we look forward to continuing to work with him as we execute on our long-term strategy with a focus on growing long-term shareholder value.”

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. 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 Inquiries

[email protected]

St. Julians, Malta–(Newsfile Corp. – August 15, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (or the “Company”) today announced that it has entered into a securities purchase agreement with an institutional investor (“Investor”) for the purchase and sale of 1,000,000 shares of the Company’s common stock and pre-funded warrants to purchase 4,167,959 shares of common stock in a registered direct offering at an effective purchase price of $0.1935 per share or per pre-funded warrant. The offering is scheduled to close by August 16, 2023, subject to customary closing conditions.

The Company also entered into a settlement agreement (“Settlement Agreement”) with the holder of its Series C Convertible Preferred Stock and Series D Convertible Preferred Stock (“Holder”) to issue common stock in partial settlement of Registration Rights Fees (“RRA Fees”) payable by the Company in connection with a delay in the filing of a registration statement for the purpose of registering the resale of the common stock issuable under the Holder’s Series D Convertible Preferred Stock and common warrants, despite the Company’s best efforts to avoid such delay. The Company agreed to initially issue 10,000 shares at $0.10 per share (“Initial Settlement Price Per Share”) in partial settlement of RRA Fees. The Company further agreed to settle an additional $1,000 (or such other amount as the parties shall mutually agree) on each seven (7) day anniversary of the initial settlement (or another date mutually agreed between the parties), to satisfy up to the remaining balance of the RRA Fees at a price per share equal to the lower of (1) 90% of the lowest volume weighted average price (“VWAP”) per share of the common stock during the ten (10) consecutive trading day period ending and including the trading day immediately preceding the additional share settlement, and (2) the Initial Settlement Price Per Share. As part of the settlement, the Holder also agreed to waive, in part, applicable antidilution provisions within the Series C Convertible Preferred Stock and Series D Convertible Preferred Stock that would allow for the Holder to adjust the conversion price of each preferred stock security based on share issuances under the Settlement Agreement. As a condition for the waiver, the Holder and the Company agreed to effectively establish a new conversion price at the higher of the current conversion price in effect (as may be adjusted) and 90% of the lowest VWAP of the common stock during the ten (10) consecutive trading day period including the applicable conversion date.

The Offering and Settlement Agreement demonstrate the Company’s continued efforts in raising capital and reducing fees, while also providing for a reduction in the amount of the Series C Convertible Preferred Stock and additional amounts otherwise payable to the Holder that can be triggered under the terms of the preferred stock. Alex Igelman, Chief Executive Officer, said, “We appreciate the ongoing support of this institutional investor, which provides us with additional working capital as we continue to execute on our turnaround and growth strategy to establish ourselves as a leader within the iGaming and esports markets. Since the beginning of the year, we have dramatically enhanced our balance sheet, and have built a highly capital efficient business model. Overall, I could not be more encouraged by the outlook for the business and we look forward to announcing several upcoming milestones that have the potential to be transformative for the Company.”

Total gross proceeds from the offering, before deducting the offering expenses are expected to be approximately $1,000,000. The pre-funded warrants are exercisable immediately upon issuance. The Company is completing the Offering without a placement agent and no placement agent fees will be payable.

The shares of common stock and pre-funded warrants sold by us in the Offering have been registered pursuant to a registration statement on Form S-3 (File No. 333-252370), which the Securities and Exchange Commission (the “Commission”) declared effective on February 5, 2021. A final prospectus supplement and accompanying base prospectus relating to the Offering will be filed with the Commission and available at www.sec.gov promptly. Additional information regarding the securities described above and the terms of the offerings will be included in a Current Report on Form 8-K to be filed with the Commission promptly.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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 complete the transactions contemplated by the Offering and Settlement Agreement on satisfactory terms or at all, and continued equity conversions under the Company’s preferred stock outstanding, including the conversion prices, timing and other terms of such conversions. 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 Inquiries

[email protected]

St. Julians, Malta–(Newsfile Corp. – July 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 July 2023.

Dividend per share	$	0.08
Record date		Jul. 15, 2023
Payment date		Jul. 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]

Julians, Malta–(Newsfile Corp. – June 12, 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 content and solutions provider, today announced the addition of Mr. Robert Soper to the Company’s Board of Directors.

“I am honored to welcome Robert, a highly esteemed and widely renowned leader in the resort and gaming industries, to our Board of Directors,” commented Alex Igelman Chief Executive Officer of Esports Entertainment Group. “He brings an impressive track record and deep relationships across the industry that I believe will add tremendous value to our Company as we execute on our strategic turnaround. His willingness to join our board illustrates his confidence in the Company’s ongoing transformation, as well as our significant potential within the iGaming and esports sectors.”

Mr. Soper brings over two decades of experience in the resort and gaming industry, having overseen the development of numerous projects from the ground-up, while also leading the operations of integrated resort properties in very competitive regional and destination markets. He is the founder and CEO of Sun Gaming & Hospitality, a leading provider of advisory services to resort operators, investors, regulatory bodies, private equity funds, banks and developers in every area of resort finance, development and operations for large-scale projects.

Mr. Soper previously served as President & CEO of Mohegan Sun Pocono in Wilkes-Barre, PA, and President & CEO of Mohegan Sun in Uncasville, CT. As President & CEO of these properties, Mr. Soper was responsible for overseeing the successful launch of the first casino in the Commonwealth of PA as well as the launch of online gaming for the organization. In addition, Mr. Soper served as President & CEO of the Mohegan parent company, Mohegan Tribal Gaming Authority (MTGA) where he oversaw all business development efforts and day-to-day operations of MTGA. Among his accomplishments, Mr. Soper successfully led the effort to procure an Integrated Resort License in Korea among a global field of 34 applicants, for the purposes of developing a world-class integrated resort at Incheon Airport, as well as overseeing all financing for the project as International President.

Mr. Soper graduated magna cum laude with a Bachelor of Business Administration in Economics from the University of Georgia, and graduated with a Juris Doctor from the University of Georgia Law with honors, also serving on the Editorial Board of the Georgia Law Review.

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 esports venue management system, currently deployed in 810 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, and 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 outstanding 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]

Julians, Malta–(Newsfile Corp. – May 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 content and solutions provider, today announced the appointment of Damian Mathews as its new Chief Operating Officer. Mr. Mathews currently serves as a member of the Company’s board of directors, a position he has held since June 2020.

“I am delighted to announce that Damian Mathews has agreed to rejoin the senior management team as Chief Operating Officer of Esports Entertainment Group,” commented Alex Igelman Chief Executive Officer of Esports Entertainment Group. “Damian previously served as Chief Financial Officer from April 2022 and was subsequently appointed Chief Operating Officer in June 2022, until his resignation from these roles in December 2022. Despite his departure, he continued to serve as a dedicated member of the board where he felt he could have the greatest impact. In his prior, albeit short tenure as COO/CFO, he played an integral role in streamlining the Company’s operations and advocating for critical changes within the organization. Importantly, his decision to rejoin the team reflects his complete alignment with the new direction of the Company and the promising future of the esports industry. Moreover, he has the full support of the board, which believes his experience in global business operations and the gaming industry makes him ideally qualified to help lead the Company in our next phase of growth, with a laser focus on profitability and driving shareholder value.”

Mr. Mathews commented, “I am excited to return to the executive team at Esports Entertainment Group. Since leaving my position as the Company’s CFO/COO in December, and in my ongoing role as a member of the Company’s Board, I have witnessed firsthand the dramatic turnaround, led by Alex, in just a few short months since he joined the Company. I could not be more confident in the new leadership and direction of the Company and look forward to playing a key role in driving the financial and operational success of the Company. The esports and iGaming industries are experiencing rapid growth and I truly believe Esports Entertainment Group is now ideally positioned with the right assets at the right time, with the right leadership and business model to establish a dominant position in this rapidly emerging market.”

Mr. Mathews brings over 25 years of experience in senior finance positions within investment management, banking and accounting. Previously, Mr. Mathews served as Group Chief Operating Officer for Auckland Real Estate. He also served as CFO of the Qatar and Abu Dhabi Investment Company (a sovereign wealth fund owned investment company) from 2014 to 2020 and as Director of his own consultancy, NZ Pacific Investments, from 2012 to 2014. He has also held senior management positions at Commonwealth Bank of Australia Group, including General Manager Finance (New Zealand); Head of Finance and Operations Americas (United States); and Head of Change Management (Australia). He also served as a Director in Product Control at ABN Amro bank in London, and held various senior financial controller positions at Royal Bank of Scotland Group in London. Earlier in his career, he served as an Assistant Vice President at Credit Suisse First Boston investment bank in London and the Bahamas, as well an Assistant Manager at KPMG in London. Mr. 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 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 810 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 complete the transactions contemplated by the Securities Purchase Agreement, effectuate debt for equity exchanges, the conversion prices, and 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 significant indebtedness, our obligations under our Senior Convertible Note, 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. – May 1, 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 content and solutions provider, today announced that it has entered into a securities purchase agreement to complete a private placement of new unsecured, Series D Convertible Preferred Stock with an institutional investor (the “Investor”), which is expected to provide the Company with net proceeds of approximately $4.0 million after estimated offering expenses. The private placement may also provide the Company with an opportunity for additional funding whereby the Investor would receive a warrant to purchase shares of common stock and a warrant to purchase additional shares of Series D Convertible Preferred Stock. The closing of the offering is expected to occur during the first week of May 2023, subject to customary and other closing conditions.

The Company previously announced that it had entered into an agreement with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (“Alto”) to exchange the $15,230,024 in aggregate principal amount of the Company’s Senior Convertible Note outstanding into 15,230 shares of the new unsecured Series C Convertible Preferred Stock (the “Exchange Transaction”). This exchange transaction was consummated on April 28, 2023, which will result in a significant reduction of its indebtedness.

The Company also reported that it now has stockholders’ equity in excess of the Nasdaq Stock Market’s minimum stockholders’ equity requirement of $2,500,000 as set forth in Nasdaq listing rule 5550(b)(1) as a result of recent actions, including the aforementioned private placement and exchange of the Senior Convertible Note into unsecured Series C Convertible Preferred Stock, as well as the elimination of other debt and liabilities.

Alex Igelman, CEO of Esports Entertainment, stated, “We appreciate the additional investment in the Company, which not only bolsters our cash position but also complements the previously announced exchange of the Company’s $15 million Senior Convertible Note into unsecured, Series C Convertible Preferred Stock. As a result of these transactions, we expect to have significantly enhanced our balance sheet. Moreover, we have eliminated over $4.0 million of annual operating expenses and project that we will have reduced debt and other liabilities by over $42 million, year to date. As a result, we are now positioning the Company to execute on our new, highly focused and capital efficient business model, targeting the growing iGaming, esports and e-simulator markets.”

Certain issuances of shares of common stock upon conversion of the Series D Convertible Preferred Stock and common warrant are expected to require approval by the Company’s stockholders pursuant to the rules and regulations of the Nasdaq Stock Market. In addition, the Company expects to grant the Investor certain registration rights with respect to shares of common stock it is issued upon conversion of shares of Series D Convertible Preferred Stock and exercise of the warrant to purchase common stock.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities or any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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 810 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 complete the transactions contemplated by the Securities Purchase Agreement, effectuate debt for equity exchanges, the conversion prices, and 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 significant indebtedness, our obligations under our Senior Convertible Note, 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]

Expects to report elimination of substantially all debt

St. Julians, Malta–(Newsfile Corp. – April 20, 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 content and solutions provider, today announced it has entered into an agreement with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (“Alto”), the holder of the Senior Convertible Note to exchange the remaining balance of the Senior Convertible Note into new unsecured, Series C Convertible Preferred Stock immediately after its next capital raise. Once completed, this transaction, in combination with prior transactions effected earlier this year, will reduce nearly $42 million of the Company’s liabilities, resulting in a substantially debt free balance sheet and material progress towards addressing the Company’s remaining Nasdaq listing deficiencies. The closing of the exchange transaction is subject to the Company’s completion of a capital raise that will allow it to demonstrate compliance with the minimum of $2.5 million stockholders’ equity requirement outlined in the Nasdaq Stock Exchange’s Listing Rules, and also is subject to customary closing conditions.

“We appreciate the tremendous support of our senior lender, who has agreed to exchange their Senior Convertible Note to preferred equity, which we believe illustrates their confidence in the outlook for the business, while improving our balance sheet, enhancing cash flow, and providing us greater financial flexibility to execute our new growth strategy,” stated Alex Igelman, CEO of Esports Entertainment. “I recently outlined a series of initiatives, well underway, to focus our efforts on key business lines within the iGaming, esports and e-simulator markets, while simultaneously streamlining operations. Through the actions already in place, we expect to reduce our operating expenses by over $4.0 million on an annualized basis and have identified further opportunities to reduce costs going forward. Including this latest note exchange, we have also reduced debt and other liabilities by over $42 million, year to date. As a result, I believe the company’s financial and operational outlook is back on track to capitalize on the esports opportunities ahead of us.”

Waqas Khatri, Director of Alto, said, “We are excited to support this debt reduction transaction, which not only demonstrates our confidence in the Company’s leadership, direction, and fiscal discipline but also reflects our belief in the new management team’s cohesive vision for the Company’s technology assets. We applaud the Company’s more operationally efficient business model and the team’s focus on creating long-term value and profitability. This transaction is a testament of our commitment to the Company, and we are honored to be a part of its success story.”

The material terms of the exchange agreement, the terms of the Series C Preferred Stock to be issued, and the transactions contemplated thereby are described in the Company’s Form 8-K, which has been filed with the U.S. Securities and Exchange Commission and is available on the Company’s website.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of our securities or any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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 810 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-tohead 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, and the ability to consummate the required capital raise. 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 significant indebtedness, our obligations under our Senior Convertible Note, 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]

Outlines Corporate Vision and Discusses Ongoing Restructuring to Enhance Operational Efficiency

Reports Annualized Cost Reductions Anticipated to Exceed $4.0 Million

Reduces Debt and Other Liabilities by Over $27 million, Year-to-Date

St. Julians, Malta–(Newsfile Corp. – April 17, 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 content and solutions provider, today provided the following letter to shareholders from the Company’s CEO, Alex Igelman, including an update on its ongoing restructuring plan aimed at driving accelerated growth and increased operational efficiency:

To my fellow shareholders,

Since joining the Company approximately three months ago, I immediately undertook a top-to-bottom review of the entire organization based on where I believe the esports and esports gambling industries are heading, and then tied this into a cohesive vision for the Company. Esports Entertainment already owns several valuable assets that it had previously acquired and, going forward, these assets should serve as the foundation for the Company’s new direction. By concentrating our efforts and streamlining the business, I am extremely confident in our ability to establish a dominant position within this high-growth industry and drive long-term profitability.

Strategic Focus

As a business-to-consumer (B2C) iGaming operator in international markets, operating under our MGA license, we plan to have a renewed focus on esports wagering through new betting content and offerings. Concurrently, the Company is implementing strategies to expand its B2C esports wagering services through its Idefix platform, and we are in the final stages of integrating the Oddin.gg iFrame solution on our platform for esports wagering. Eventually, we plan to offer an “esports-first,” Idefix-based B2B platform for sale and distribution to third parties. Through the Idefix iGaming platform and the MGA-based suite of B2C brands, together with growth opportunities in the B2B platform sector, we anticipate a unique opportunity to bridge the iGaming and esports worlds.

In the US market, we expect to direct our attention toward aggregating and supplying B2B esports solutions and content for the esports and esports gambling industries. The Company also plans to direct significant attention toward bespoke e-simulator tournaments and related e-simulator content. EEG is already well known in the esports community for its highly valuable esports venue management solution through its ggCircuit division, which has an established presence in the US and globally. Among the markets we plan to target, we believe there is a significant near-term opportunity within the education market, where there has been considerable growth across both domestic and international college and university campuses as well as K-12 schools. We also plan to enhance the existing ggCircuit software with unique features that facilitate integration with esports wagering content where it is legally permitted, and incorporate several achievable add-ons to the software, resulting in increased revenue for both clients and the Company.”

Operational Efficiency

In addition to our near- and long-term growth strategies, we are divesting or closing non-core business lines to streamline our operations. In January of this year, we completed the sale of our eSports Spanish Gaming license for approximately $1.2 million. On the immediate heels of this transaction, we completed the sale of the Bethard business in February for approximately $1.7 million in cash at closing, and further eliminated debt and liabilities to the Bethard business of approximately $7.5 million. In March, we initiated the liquidation of Argyll Entertainment, an online gambling business in the UK with recurring losses.

We have also reduced headcount from 158 full-time employees at December 31, 2022, to 99 full-time employees, inclusive of planned reductions. As a result, annualized salaries are expected to decline by approximately 36% based on the actions being taken thus far. Although we incurred upfront costs related to the restructuring, over time, these initiatives are expected to lower our operating expenses by over $4.0 million on an annualized basis. In addition, we have pinpointed further opportunities for cost savings.

Balance Sheet Improvement

We have dramatically enhanced our balance sheet. Specifically, we reduced debt and other liabilities by approximately $27.1 million since December 31, 2022. The principal amount of our Senior Convertible Note was reduced by $16.3 million, from $32.2 million at December 31, 2022, to $15.9 million as of March 31, 2023. Other payables to the holder of the Senior Convertible Note were reduced by $2.5 million. Through the sale of the aforementioned Bethard business earlier this year, we eliminated approximately $7.5 million of debt and liabilities. Lastly, we terminated a lease, resulting in a $0.8 million reduction in lease liability. We appreciate the support of our senior lender and are working to convert additional debt to preferred equity, which we believe illustrates their confidence in the long-term outlook for the business.

Management Restructuring

In addition to my own appointment as CEO earlier this year, we recently promoted Michael Villani to interim CFO. Michael brings deep experience in corporate finance and capital markets and has been instrumental in the restructuring of the business and resulting cost reductions. Before joining Esports Entertainment, Michael worked as a Director in the Deal Advisory practice of KPMG supporting clients with technical accounting, buy-side and sell-side transactions, initial public offerings and SEC reporting. He also served as the Chief Financial Officer of a Geneva-based hedge fund and held other senior accounting roles at a number of public companies. Moreover, we eliminated non-core, senior leadership positions that were not aligned with the future direction of the Company.

Summary

The esports betting landscape today lacks uniformity and is often either a by-product of traditional sports betting, or something that conventional US bookmakers struggle to comprehend and integrate seamlessly into their platforms. Esports Entertainment has extremely valuable and differentiated assets, which we believe will be key to the future of this industry. We are executing on our vision with a specific focus on esports betting solutions and esports e-simulator content, targeting both the B2B and B2C markets.

I strongly believe that our achievements over a short three-month span are truly noteworthy. However, this is merely the starting point of our journey. Our team now comprises seasoned gambling executives, former regulators, and video game industry professionals, all of whom are committed to realizing this vision. We are also diversifying our sources of revenue to create a more resilient and sustainable business model. With the right leadership, direction and financial discipline, I am extremely confident we can establish Esports Entertainment as a leader in this rapidly emerging market, while unlocking value for shareholders.

We truly appreciate the support of our shareholders and look forward to providing further updates on our progress in the weeks and months ahead.

Alex Igelman
Chief Executive Officer

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 810 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-tohead 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 amount of debt for equity exchanges we will be able to effect, the conversion price, and for what period of time such exchanges will continue to occur, if at all. 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 significant indebtedness, our obligations under our Senior Convertible Note, 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]