Esports Entertainment expands igaming business with Lucky Dino deal

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Esports Entertainment Group has announced its second igaming acquisition of the year, with a $30m (£22.2m/€24.6m) deal for Malta-licensed operator Lucky Dino Gaming.

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The operator runs four brands under its Malta licence – Lucky Dino, Olaspill, Kalevala Kasino and Casino Jefe – which are powered by proprietary technology. 

The business’ tech stack incorporates affiliate marketing software, payment servers and a customer relationship management (CRM) system including a gamification and loyalty engine and automated player management functionality.

The $30m fee is to be financed through a debt facility produced by Esports Entertainment. Boutique investment and M&A brokerage RB Capital served as the sell-side advisors for the transaction.

“Over the past five years, Lucky Dino has evolved from a single brand white-label casino operator into a multi-brand, class-leading casino operator and technology business,” Esports Entertainment Group chief executive Grant Johnson said. 

“In addition to further strengthening our tech stack, Lucky Dino’s assets will give us a substantial foothold in multiple new jurisdictions across Europe and Scandinavia where esports are extremely popular, and with Lucky Dino’s 30,000 monthly active casino players we will have tremendous cross-selling opportunities with our SportNation and betting platforms.”

Lucky Dino generated revenue of $21m in its 2020 fiscal year, and earnings before interest, tax, depreciation and amortisation (EBITDA) of $3.8m. Revenue for FY2021 is expected to rise to $24m, and EBITDA to $5m, before growing to $29m and $6.5m respectively in FY2022. 

It is Esports Entertainment’s second major igaming acquisition of the year, following the closing of a deal for Sportnation operator Argyll Entertainment in July.