- A Gambling-related company, Bally’s Corporation, has offered a large sum in the hope to acquire esports organization Allied Esports Entertainment, Inc.
- In case the esports company agrees, it would have to cancel a previous deal with Element Partners
- A deal seems unlikely, but the Allied Esports’ Board of directors said they would evaluate the proposal
Allied Esports received a $100 million offer by Bally's to purchase the company's full operations, threatening a similar deal with Element Partners.
Bally's Puts $100m on the Table for Allied Esports
As gambling associations’ interest in esports grows, Bally’s Corporations has sent Allied Esports a hefty proposal with $100 million on the line.
This Friday, Allied Esports Entertainment, Inc. received an offer from none other than Bally’s Corporation, popular for its specific focus on gaming resorts and casinos. The gambling company owns 10 casinos and a horse racetrack but is seeking to expand into the esports business as well. Bally’s now offering the three-figure sum for the unsolicited acquisition of Allied Esports.
However, there is a catch: in order to accept the proposal, Allied Esports would have to cancel another offer they made in January – namely the sale of the World Poker Tour brand to Element Partners Group.
Turning Down Element Partners Unlikely
The esports company had decided to make a switch from poker to other esports options and sell all poker-related assets. The planned sale would yield just a little below $80 million to Allied Esports.
The aforementioned deal with Element Partners group is awaiting stockholder approval. The Allied Esports Board of directors urges the stockholders to take action as otherwise the offer will close on March 30.
Allied Esports Entertainment, Inc. stated that a deal with Bally’s Corporations is unlikely but didn’t throw it out completely. The Board of directors said the company will remain consistent with the duties and obligations surrounding the agreement with Element Partners but promised to evaluate Bally’s proposal in due course.