Canadian esports and iGaming holding company Intema Solutions has acquired an Isle of Man online gaming license.
The betting license will fulfil ‘the last condition set by regulatory authorities’ to see Intema’s acquisition of Livestream Gaming – owners of esports betting operator LOOT.BET – through to completion.
In January, Intema signed a definitive share purchase agreement with Livestream Gaming in a deal valued at $14.75m (~£10.97m). This news followed a letter of intent signed in May 2021 when both companies first entered acquisition conversations.
In a press statement, President and CEO of Intema Solutions Laurent Benezra commented on the gaming license and noted the transaction between the company and Livestream would close very soon.
Benezra said: “We are finally at the last stage of the Livestream acquisition and will be closing the transaction any day now. While the process has taken longer than expected, LOOT.BET is a major online gaming platform and a key part of Intema’s growth plans.
“Throughout the acquisition period, we have been working hard in parallel to build our esports and iGaming ecosystem, and the addition of LOOT.BET will accelerate our progress on that front significantly.”
It’s assumed the company’s Isle of Man license will be used to bolster LOOT.BET following its acquisition. LOOT.BET was launched in 2016 and currently holds a Curaçao gaming license. The online betting platform has a partnership with PandaScore to supply its esports data and odds feeds.
Esports Insider says: Intema’s acquisition of Livestream Gaming should help to drastically improve LOOT.BET as a product – and its Isle of Man betting license is a perfect example of increased resources at use. The Canadian holding company has additionally applied for an Ontario betting license, which would serve as another win for LOOT.BET.