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Aaron Speach

Esports Technologies, Inc. Is Now EBET, INC.

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New Corporate Name Underscores Company’s Commitment to Deliver Innovative Wagering and Technology to the Millennial and Gen Z Market

Esports Technologies, Inc. (Nasdaq: EBET), a leading global provider of advanced esports wagering products and technology, announced today the change of its name to “EBET, INC.” to better reflect the company’s business and its mission of providing innovative wagering and technology to the Millennial and Gen Z wagering market. EBET, INC. common stock is expected to commence trading on a post name change basis under CUSIP 278700109 at the opening of trading on May 5, 2022.

The new name underscores EBET’s commitment to not only esports enthusiasts but also fans of all sports and casino games.

As part of the change, EBET has unveiled a new company logo and launched a rebranded website at https://ebet.gg/.

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Aaron Speach, CEO of EBET, INC., said, “Our leadership team and I believe this is the right time to rebrand our company to reflect who we are and where we are going. This new brand and evolving positioning perfectly illustrate our growing ambition to serve the entire Millennial and Gen Z market.”

Over the past 12 months, EBET has elevated its standing as a betting operator and technology provider. With the acquisition of online sportsbook and casino brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP in late 2021, EBET gained over 1.25 million deposited customers in more than 15 countries.

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Aaron Speach

EBET Initiates Review of Strategic Alternatives

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EBET Inc. has announced that its Board of Directors has decided to initiate a process to explore strategic alternatives for the Company to maximize the value of EBET’s portfolio. As part of the process, the Board has designated a Strategic Alternatives Committee that will assist the Board in considering a full range of strategic alternatives including a potential merger, sale, or other strategic transactions.

The Company has retained Houlihan Lokey as its exclusive financial advisor to assist with the strategic review process.

Aaron Speach, EBET’s Chief Executive Officer, said: “After a detailed evaluation we have determined to launch a formal review of our strategic options to determine which alternative or alternatives are the best path to maximize value. The EBET team remains fully committed to meeting the needs of our customers in continuing to provide them with an exceptional gaming experience.”

There can be no assurance that the strategic review process will result in any strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the process and does not intend to disclose developments related to the process unless and until the Company executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.

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Aaron Speach

Esports Technologies Announces Definitive Agreement for the Acquisition of Aspire Global’s B2C Business

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Esports Technologies Announces Definitive Agreement for the Acquisition of Aspire Global’s B2C Business that Recorded $1.8 Billion in Wagering and $73.9 Million in Revenue in the Previous 12 Months

Upon Closing, Esports Technologies Will Acquire Karamba, Dansk777, Hopa, Griffon Casino, GenerationVIP, BetTarget and 1.25 Million Deposited Customers

Esports Technologies, Inc. (Nasdaq: EBET), a leading global provider of advanced esports wagering products and technology, announced today the execution of a definitive agreement for the acquisition of Aspire Global’s (STO: ASPIRE) B2C business in a $75.9 million transaction, including $58.3 million in cash, $11.7 million in a promissory note and approximately $5.9 million worth of common stock. The closing of the acquisition is subject to Esports Technologies’ receipt of financing, as well as other closing requirements. The transaction is expected to close by November 30, 2021.

Under the terms of the deal, Esports Technologies will acquire Aspire’s portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP. Strategically, Esports Technologies intends to utilize the multiple-brand acquisition to cross-sell esports wagering opportunities to increase its esports revenue, player bet transactions, and customers.

In the most recent 12-month period ending June 2021, Aspire Global’s B2C revenue was $73.9 million and its EBITDA was $8.2 million. During the same period, the B2C business recorded wagering of $1.8 billion and over 1.3 billion bets.

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Upon completion of the acquisition, Aspire and Esports Technologies will enter into an agreement where Aspire will provide four years of managed services for the acquired brands, ensuring operational continuity while allowing Esports Technologies to scale its operations in key markets.

Aaron Speach, CEO, Esports Technologies, said, “The acquisition of Aspire’s B2C business will be a transformative opportunity to accelerate growth by offering esports wagering to 1.25 million new deposited customers. Our company is in a strong position to benefit from the heightened popularity and growing interest in esports.”

Tsachi Maimon, CEO of Aspire Global, said: “Esports Technologies is a strong company with high growth ambitions and is a perfect match for our B2C brands. With Aspire Global’s B2C brands, Esports Technologies gains leading, well-established brands, an excellent base for further growth and a very talented team that contributed to the B2C’s growth. We are confident that Esports Technologies will take our B2C brands to the next level, and we welcome Karamba and the other B2C brands as our new partners.”

Esports Technologies has entered into binding agreements with certain investors for a private placement of $36.2 million consisting of convertible preferred stock at an initial conversion of $28.00 per share, subject to future adjustments and warrants to purchase common stock. The conversion of the preferred stock and exercise of the warrants is subject to the receipt of shareholder approval.

Needham & Company acted as sole placement agent for the private placement.

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A conference call is set for Monday, October 4 at 4:00pm EDT, reviewing details of the planned acquisition. The link to listen to the call is: http://public.viavid.com/index.php?id=146720

A replay of the call will be available on Esports Technologies’ Investor Relations page at https://esportstechnologies.com/investor-overview.

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