Esports Technologies Announces IPO Worth $10M
Esports Technologies, a Las Vegas company specialised in esports wagering, is soon to become public at Nasdaq Stock Market. Its initial public offering is estimated to be worth up to $10 million. Whether the IPO manages to reach the assessed value, we’ll find out in the upcoming weeks.
The online gaming operator will trade under the ticker symbol “EBET”, and the IPO will include two million shares. In the filing with the Securities and Exchange Commission, the value of Esports Technologies’ shares is estimated between $4.50 and $5, bringing the total value of the offering to the aforementioned amount. Experts believe the company has a shining future on the stock market, as gaming companies specialising in online casinos and betting are sort of a hot commodity right now.
Furthermore, this IPO could pave the way for more gaming companies to start trading and the esports betting industry to grow even further. While esports as an industry is incredibly large in the US, the betting side of things is majorly lagging behind. The policymakers’ steps towards esports betting legislation are still tiny, with only three events getting the green flag from Nevada in 2020. However, a recent Senate bill proposal, if it comes to pass, will lay the foundations for a regulated online gaming market in the United States.
Esports Technologies makes a strong point in its S-1 filing. It’s not going public just to grow its property but also to show to the gaming scene that it’s an industry on the upswing that simply needs proper regulation to show its true potential. According to the filing, estimated earnings from regulated esports betting reached $343 million in 2020, with the revenue expected to nearly triple by 2024. Considering Esports Technologies works under a Curaçao gaming license and is already expanding its business to Asia and Latin America, the odds seem quite in favour of this rising industry.