Esports and poker enterprise, Allied Esports Entertainment, financially supported by Chinese firm Ourgame International, has opted out of their acquisition contract with Element Partners. In its place, they are pursuing what they’ve labeled a “superior proposition” from Bally’s Corporation.
The initial agreement, established in January 2021, would have resulted in Element obtaining Allied’s poker holdings, including the renowned World Poker Tour, for a substantial $78.3 million USD. The payment structure involved a significant initial payment with the balance distributed over a three-year period.
Nevertheless, Bally’s presented an unexpected offer of $100 million, a considerable increase. This revised proposal, with a large portion payable in cash, piqued Allied’s interest, prompting them to consider it the more favorable arrangement.
Although Element has a limited opportunity to enhance their offer, it appears Allied is prepared to proceed with a potentially profitable collaboration with Bally’s. Naturally, there’s no assurance this new agreement will be concluded, but it’s undoubtedly a significant development in the realm of esports and digital gaming.
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