Movers and SHAKERS
Esports Entertainment Group, Inc. (GMBL)
Acquisition Improves Its Hand
Esports Entertainment Group Inc is a development-stage online gambling company focused purely on esports. The company's principal business operations include design, develop and test wagering systems.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Plans to acquire online casino operator. The company announced plans to acquire Lucky Dino, an online casino operator, for roughly $30 million. The acquisition fills in the hole for its gambling operations, which will now offer casino, sportsbook betting, and esports betting. The acquisition will be funded by $30 million in debt and is expected to close early next year. We view the acquisition favorably as it broadens the company's gambling platform and strengthens its financial viability.
Accretive acquisition. Lucky Dino is expected to generate $24 million in revenues in fiscal 2021 and $29 million in fiscal 2022, with cash flow of $5 million and $6.5 million, respectively ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.