As part of the agreement, Esports Entertainment will pay $19.5m in cash and 12% of its net gaming revenue share for the next two years.

The company has said that it expects the deal to be finalised and closed by July 1, 2021.

In 2020, Bethard generated revenue of $31m; due to this, Esports Entertainment has now raised its fiscal 2022 revenue guidance from $100m to $105m.

Since Bethard has licences in Spain and Sweden, the acquirement will allow Esports Entertainment to gain licensed gaming businesses in both jurisdictions.

Esports Entertainment Group CEO, Grant Johnson, said. "This is another great addition for Esports Entertainment Group that substantially increases our revenues and available markets.

"With this transaction, we expect to gain two new gaming licences, including one in the strategically important Swedish market. At the completion of the licence handover, we will have six tier-one licences."

As of now it is unclear as to how this deal will affect footballer Zlatan Ibrahimovic’s investigation; the AC Milan star came under scrutiny after it was reported last month he was part owner of Bethard.

The Swedish footballer reportedly owns 10% of Bethard through his own company, Unknown AB. This violates the code of ethics set out by FIFA and UEFA.

UEFA is currently investigating the case and is yet to comment on the deal; with Esports Entertainment taking over it would open the possibility of Ibrahimović discarding his 10% ownership.