Why Esports Technologies Inc. (EBET) stock turnaround in the after-hours on Monday?

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EBET Stock
EBET Stock

Esports Technologies Inc. (EBET) shares surged 4.58% in after-hours on Monday, October 4, 2021, and closed at $24.65. However, in the regular trading session, EBET’s stock lost 24.77%. The stock volume remained at 0.47 million shares. EBET shares have moved down 24.50% in the past week. Over the past three months, the stock has gained 10.04%. The company has a current market of $334.22 million and its outstanding shares stood at 10.55 million.

Let’s see what’s going on recently with the company?


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EMET acquired Aspire Global B2C business

On October 1, 2021, Esports Technologies, Inc. (EBET), acquired Aspire Global’s 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 transaction is expected to close by November 30, 2021.

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Aspire Global’s B2C revenue was $73.9 million and its EBITDA was $8.2 million for the last 12 months. Esports Technologies will acquire Aspire’s portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP.

EBET agreement with Aspire Global

On September 20, 2021, Esports Technologies, Inc. (EBET), announced a strategic license agreement with Aspire Global to integrate Esports Technologies proprietary odds modelling, market creation, and trading feed into Aspire’s esports platform. Through this agreement, Esports Technologies will have access to Aspire’s range of offerings and managed services.

EBET sponsor of SiGMA Europe expo

On September 9, 2021, Esports Technologies, Inc. (EBET) announced that it will be a Platinum Sponsor at the upcoming SiGMA Europe expo.

SiGMA Europe has become one of the key gaming industry events and is scheduled for 15-19 November at the Malta Fairs Conventions Centre. The event will provide a platform for Esports Technologies to showcase their cutting-edge proprietary technologies, brands, and product development.

EBET new AI model patent

On August 19, 2021, Esports Technologies, Inc (EBET) filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament.

EBET APP update

On August 16, 2021, Esports Technologies, Inc. (EBET), Esports Games app crossed 100,000 downloads. The app launched on the Google Play and Apple App stores in the United States, United Kingdom, and Canada in May 2021.

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Conclusion

We have no idea why did EBET face early loss and later in the after-hours on Monday, it performed well. There was no recent news that could be linked with its mixed performance on Monday.

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