LOOT.BET, arguably, one of the best eSports betting sites, is scaling to greater heights after React Gaming Group acquired its parent company, Livestream Gaming Inc. Just months after the acquisition of Livestream Gaming Inc., LOOT. BET's parent company, React Gaming Group is keen on expanding to new markets.
React Gaming, formerly known as Intema Solutions, is a key player in the eSports industry. It owns and operates several ventures within the eSports ecosystem, including HypeX.gg, an eSports tournament organization, and a betting platform. The company also owns Generationz Gaming Entertainment, a betting site, and an eSports team, Team Bloodhounds, a Fortnite outfit. Other companies owned by React Gaming Group include Advertiise and TheSMACK.gg.
However, from all indications, the main focus is now on LOOT.BET, considering the betting platform, has been witnessing exponential growth in the last few years. Established in 2016, LOOT.BET boasts over 450,000 registered punters and has partnered with several top eSports event organizers and teams.
React Gaming Group's interest in Livestream Gaming and LOOT.BET started way back in 2021 when the Canadian company formally made its intentions known. However, it was not until February 2022 that React Gaming Group finalized the purchase of Livestream Gaming in a deal worth around $14.75m (~£10.6m). React Gaming Group will add $3m (~£2.157m) if Livestream hits its outlined targets.
There's no doubt LOOT.BET is among the fastest-rising betting sites, and that's the reason it came under React Gaming Group's radar. In 2020, the eSports bookmaker's betting volume grew by 67% compared to the previous year, while the player base rose by 58% in the same year. When it comes to revenues, reports indicated that the company had gross gaming revenue of $3.22m in 2020. These are figures that explain why LOOT.BET will be pivotal in React Gaming Group's eSports ecosystem.
At the time of Livestream's acquisition, LOOT.BET was already offering betting markets in over 40 countries. Immediately after React Gaming Group took over, the company showed its intention of expanding to newer markets, a bid aimed at asserting LOOT.BET as the best eSports betting site globally.
As early as February 2022, React Gaming Group had acquired an Isle of Man online gaming license, adding to LOOT.BET's Curaçao gaming license. This license wasn't necessarily an expansion strategy; it was to facilitate the takeover of Livestream Gaming.
But then, it's impossible to ignore the fact that Manx have a huge appetite for gambling, especially betting. In a 2017 survey, 76% of Manx gamble at least once every year, while 18.5% of the population gamble online.
Considering the statistics mentioned above, LOOT.BET will definitely be a household name in the Isle of Man's betting scene now that it offers eSports betting and traditional betting alongside casino games.
Another win for LOOT.BET is the Ontario gaming license that will allow the company to legally offer online gambling services to players in the Canadian province. After a long debate, Ontario decided to launch a legal and regulated online gambling market. This meant that operators were free to set up shop in the province.
React Gaming Group seized the moment and applied for a license from the Alcohol and Gaming Commission of Ontario (AGCO). With the legal and regulated gambling market open, the Ontario gaming license will also be a win for LOOT.BET. This is considering Canada, and in particular, Ontario, has many fans of eSports and eSports betting. While there are several other operators, who have been granted licenses, LOOT.BET will have the edge as it's an eSports-first bookmaker.
In the latest news, React Gaming Group seeks to tap into the Philippines online gambling market with one of its companies, Generationz Gaming Entertainment. The deal is a white label revenue sharing business model with HHRP, one of the four companies with licenses to operate in the Philippines.
Upon the certification of LOOT.BET by the Gaming Laboratories International, Generationz Gaming Entertainment will operate the LOOT.BET platform under HHRP's site. React Gaming Group will then get a portion of the revenues generated in the country with more than 100 million people.
React Gaming Group's imminent entry into the Philippines gaming scene will be a milestone as the company seeks to grow its revenue.
While Ontario, the Isle of Man, and the Philippines are the new markets that React Gaming Group is targeting, expect the company to pinpoint several other countries where eSports betting popularity is rising. The company confirmed that it would be replicating the white-label business model with operators in other countries.
With the $6 million investment after LOOTBET'S acquisition, React Gaming Group means business and will surely be a disruptive force in eSports betting.