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Esports Entertainment Group CEO Provides Letter to Shareholders
Esports Entertainment Group Inc., a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, 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
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BetLeap is thrilled to announce the development of a groundbreaking platform that seamlessly blends the immersive visuals and engaging gameplay of AAA video games with the thrill of a real-money casino. Coming to PC, Mac, and VR, BetLeap is poised to redefine the online entertainment landscape with its unprecedented quality and innovative format.
At a glance, BetLeap looks nothing like a typical online casino. The project is being developed with the same technologies used in cutting-edge video games. The result? A casino experience that feels more like playing at a land-based casino rather than clicking on buttons on a flat screen.
“The online casino industry has remained virtually unchanged for over a decade while video gaming has experienced exponential leaps in quality and immersion,” said Adam Bernath, founder of BetLeap. “We’re not just updating the online casino experience—we’re completely reimagining it by applying AAA game development standards to create something that feels as immersive and engaging as the best video games on the market.”
“The future of online gambling isn’t just about better odds or more games—it’s about creating genuinely entertaining experiences that happen to include wagering components. We’re building for an audience that expects the quality and engagement of modern video games in every digital experience they choose,” added Etibar Namazov, co-founder of BetLeap.
While still in early development, BetLeap is already turning heads with its visual quality and ambitious design.
Why BetLeap Stands Out:
- Next-Gen Graphics: Built with AAA quality visuals.
- Cross-Platform Play: Fully playable on PC, Mac, and VR.
- Designed for Gamers: Movement, interaction, and immersion at the core.
- Real Rewards: Wager real money in a world that looks and feels on par with today’s top video games.
Our reveal video can be found at https://youtu.be/wl9zibRrMvI
The post BetLeap – The Online Casino that Looks Like a Blockbuster Video Game appeared first on European Gaming Industry News.
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Skyesports Championship BGMI Set for Sixth Edition Featuring INR 40 Lakhs Prize Pool, Grand Finals on May 17–18 in Bangalore
The Skyesports Championship, India’s longest-running homegrown esports IP, is returning for its sixth edition with BGMI and a prize pool of ₹40 Lakhs, culminating in an on-ground Grand Finals on May 17 and 18 in Bangalore.
Leading brands including AMD, Red Bull, GIGABYTE, and Western Digital have partnered with Skyesports for the 2025 edition, reaffirming their commitment to India’s rapidly expanding gaming ecosystem.
Commenting on the return of the IP, Shiva Nandy, Founder and CEO, Skyesports, said, “The Skyesports Championship is an IP we’ve been nurturing since 2018, growing year after year into one of India’s most recognized esports tournaments with a highly engaged youth audience. We are excited to have partners like AMD, Red Bull, GIGABYTE, and Western Digital joining us for this event, allowing us to deliver a top-notch entertainment product for fans with engaging competitive esports action featuring top-tier teams and esports athletes the country has to offer. With initiatives like the new Sky Champ Rule, this tournament is set to be a standout event on the BGMI esports calendar.”
The return of the Skyesports Championship as an on-ground BGMI event builds on the success of its 2023 edition, which recorded over 32 million digital views and attracted more than 12,000 fans to the stadium.
This momentum reflects India’s position as the fastest-growing gaming market across Asia and MENA, as reported by Niko Partners. The Indian games market is expected to surpass $1 billion in 2025, reaching $1.4 billion in revenue by 2028. Mobile gaming continues to lead, accounting for nearly 78% of all revenue. With an expected 277 million new gamers by 2028, India is also on track to overtake China in the highest total number of gamers worldwide.
As the country’s leading esports tournament organizer, Skyesports continues to drive this momentum by delivering high-impact, community-driven esports experiences at scale.
The Skyesports Championship 2025 BGMI Grand Finals will feature an exciting new format:
- Day 1 (May 17) – Sky Surge: Teams will compete across six maps, aiming to accumulate points and reach the Sky Champ point goal of 66 points.
- Day 2 (May 18) – Sky Champ Rule: Once a team reaches 66 points, they must secure a Chicken Dinner to be crowned champions. If no team achieves this within eight maps, the team with the highest points will be declared the winner.
This unique format makes every match extremely crucial, as teams are not only focused on aggressively reaching the point threshold but also on strategically targeting opponents who are close to achieving it or have crossed it already.
The Skyesports Championship BGMI event schedule is as follows:
- Upper Bracket: May 6–9 (16 teams – Top 8 advance to the Grand Finals, bottom 8 fall to the Last Chance Qualifier)
- Last Chance Qualifier: May 10–12 (16 teams – 8 each from the Upper and Lower Brackets)
- Grand Finals: May 17–18 (Top 8 teams from the LCQ join the 8 qualified from the Upper Bracket to compete for the title)
The entire tournament will be livestreamed on the official Skyesports YouTube channel. Stay tuned to the Skyesports Instagram, Twitter, and Facebook handles for more information regarding the on-ground finale.
The post Skyesports Championship BGMI Set for Sixth Edition Featuring INR 40 Lakhs Prize Pool, Grand Finals on May 17–18 in Bangalore appeared first on European Gaming Industry News.
A recent survey has confirmed that almost two out of three (63%) of Illinois residents support legalizing online casinos.
The survey, created by casino bonus and online casino review site BonusFinder.com, asked 1,000 Illinois residents their take regarding legalizing online casinos. The focus group covered voters across a variety of political backgrounds, age groups, and different geos.
Despite online casinos currently being illegal in Illinois, and the only way to access them is illegally, the survey found that one in four residents (26%) admitted to having played at an online casino.
According to a separate analysis, which delved into how much US States could be missing out on in online casino tax revenue, it revealed that Illinois could be missing out on up to $788m. Instead of going to the State, this potential tax money is being funneled to unregulated offshore gambling platforms.
When questioned, hypothetically, how residents would prefer the tax revenue to be spent they prioritized: public education (61.4%), mental health and addiction services (54.8%) and improvements in infrastructure (44%).
Other services that were still important, but less of a priority, to those questioned in the survey were: affordable housing (38%), crime prevention (33.1%), community programs (26.2%) and environmental initiatives (22.7%).
“These findings show that Illinoisans are ready for online casinos, as long as it’s done responsibly,” commented Luciano Passavanti, Vice President at BonusFinder.com.
“The message from voters is clear – they want safe, transparent platforms and strict oversight.
“They also want to know that tax revenue from online casinos will directly benefit their communities; whether that’s through education, healthcare, or local infrastructure.
“Illinois is already a major gaming market. Legalizing online casinos is the next logical step.”
While the majority of voters were in favor (63%), 19% were against legalization and 17.5% remained unsure.
The largest age group supporters of legalizing online casinos was the 45-54 age group, with 68.8% being in favor. However, the age group whose least in favor of legalization remained to be those aged 65 and over – with 51.2% being in favor of legalizing online casinos in Illinois.
The second-largest age group in favor of legalizing iCasinos are those aged 35-44 (64.1%), the third-largest group stood to be those in the 18-34 age bracket with 63.7% of voters supporting legalization.
When it comes to the battle of the sexes, men were found to be significantly more open to the idea of legalization, with 70.5% of men in support. However, in comparison, just 58.3% of women were found to be in support of legalizing online casinos in the State.
Furthermore, a variety of correspondents across different political views were also questioned; with findings revealing that Republican voters were slightly more in favor (65.4%) of legalization compared to Democrat voters (63.3%).
The post Online Casino Legalization in Illinois: Study Finds Two-Thirds of Voters in Favor appeared first on European Gaming Industry News.
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