Esports Technologies, which operates an online gambling platform focused on esports and competitive gaming, filed on Wednesday with the SEC to raise up to $10 million in an initial public offering.
The Las Vegas, NV-based company plans to raise $10 million by offering 2 million shares at a price range of $4.50 to $5.00. At the midpoint of the proposed range, Esports Technologies would command a fully diluted market value of $95 million.
Esports Technologies develops and operates platforms focused on esports and competitive gaming. It operates a licensed online gambling platform, gogawi.com, which is an esports/sportsbook focused on bettors located in Asia and Latin America. The company offers real money betting on esports events and accepts wagers on major esports titles such as Counter-Strike: GO, League of Legends, and Rocket League, as well as professional sports including the NFL and NBA. Esports Technologies has generated extremely limited revenues to date, and currently generates all of its revenue internationally.
Esports Technologies was founded in 2016 and plans to list on the Nasdaq under the symbol EBET. Esports Technologies filed confidentially on December 10, 2020. Boustead Securities is the sole bookrunner on the deal.