Esports Technologies Inc. (EBET) stock rises by 23.83% at last check in current trading after EBET announced the pricing of its initial public offering. Esports Technologies is a marketing organization that develops and operates websites focusing on esports and professional gaming. Esports goal, according to them, is to “define, shape, and accelerate the development of the existing and future esports wagering environment by directly offering an advanced product, network, and marketing solutions to service providers and consumers.
Gogawi.com, an esports/sportsbook focusing on bettors in Asia and Latin America, is a legal online gaming website operated by EBET. In a safe atmosphere, EBET offers real money betting on esports tournaments from around the world.
What is happening?
Esports Technologies revealed the pricing of its upsized initial public offering of 2,400,000 shares of its common stock to the public at a price of $6.00 per share, with a cumulative net revenue of $14,400,000. On April 15, 2021, the common stock will begin trading on the Nasdaq Capital Market under the name “EBET.” Depending on customary closing terms, the offering is scheduled to close on April 19, 2021. For this offering, Boustead Securities, LLC is working as the only underwriter.
Also it is anticipated thatthere is a huge runway for growth for all players because esports betting is seen as a major market, accounting for an estimated $1.8 billion of the $443 billion global gaming industry.
For its debut EBET has observed a massive start which definitely has been interesting for investors. But that doesn’t mean Esports Technologies’ shares deserved to soar too quickly after its initial public offering. It doesn’t seem to be based on fundamentals market rules, andthis esports stock’s valuation could might be easily deflate.