IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, and Element Partners, LLC (“Element”), a privately-held investment vehicle, today announced a definitive agreement under which Element will acquire the Company’s poker-related business and assets, including the entities comprising the World Poker Tour® (“World Poker Tour,” or “WPT®”).

Under the terms of the agreement, Element will acquire World Poker Tour for a total of $78,250,000, consisting of a $68,250,000 upfront payment and a fully guaranteed revenue share of 5% of WPT-branded tournament entry fees on Element-owned or licensed gaming platforms, up to a maximum of $10 million, payable over three years after closing. The Company’s Board of Directors has approved the transaction, which is expected to close in late January or early February 2021, assuming the Company’s shareholders approve the transaction and following required regulatory approvals and other customary closing conditions.

Furthermore, the rapid growth and popularity of gaming and esports during the COVID-19 pandemic has driven strategic interest in the Company’s esports business, Allied Esports, and the Company’s Board has agreed to explore strategic options for the esports business, including a possible sale. The Company has engaged Lake Street Capital Markets to assist with the process. At this time, no potential or particular buyer has been identified and there are no initial or ongoing negotiations in respect of the sale of the esports business.

Upon completion of the WPT transaction, and assuming the realization and completion of the possible sale of the esports business, Allied Esports Entertainment would proceed, under a new name, as a publicly traded holding company focused on using its cash resources to explore opportunities in online entertainment, including but not limited to, real money gaming and other gaming sectors.

Frank Ng, CEO of Allied Esports Entertainment, commented, “Despite the many challenges caused by the COVID-19 pandemic, the WPT business has delivered substantial, impactful results, specifically through its online platforms and services, and has made meaningful contributions for the Company. In addition, Allied Esports, with its world-renowned HyperX Esports Arena Las Vegas and best-in-class production services, has generated market attention as the esports industry gained momentum during the pandemic.”

Mr. Ng continued, “Due to COVID-19’s impact on the Company’s overall revenue generation and profitability timeline, we believe the forthcoming sale of the WPT business will garner significant capital and an avenue to determine new opportunities that will deliver accelerated returns for our stakeholders.”

The World Poker Tour has grown considerably since its 2002 inception. Today, its iconic television show is seen worldwide by more than 150 million people annually, WPT events are held on five continents, and the company has awarded more than $1 billion in prize money. WPT initially went public in 2003 and was later purchased by PartyGaming for $12 million and a related revenue share. In 2015, the Company was purchased for $35 million by Ourgame International Holdings Limited and then acquired by NASDAQ-listed Black Ridge Acquisition Corp. with a value of $50 million in 2019 as part of a larger deal that led to the listing of the company as Allied Esports Entertainment.

2020 was an exceptional year for WPT’s online and interactive services pillars of its business model. With in-person events postponed or cancelled due to COVID-19, WPT’s flagship online subscription platform, ClubWPT, increased new registrations by 61% through the third quarter of 2020, exceeding registrations during the full year of 2019. Total subscription revenue for ClubWPT was also up 56% year-over-year during the same time. The shift online also fostered WPT’s largest event in its 18-year history with 2,130 entries for the WPT Online Championship on partypoker and the company’s largest series, also on partypoker, the WPT World Online Championships featuring a $100 million guaranteed prize pool.

The WPT television show, which has been on linear television since 2003, also reached new heights in distribution in 2020, peaking in global viewership on both linear and OTT platforms last year. In the third quarter of 2020, OTT household viewership increased 368% compared to the same period in 2019, while third quarter 2020 linear household viewership was up 77% over the prior year period.

Adam Pliska, the long-time CEO of the WPT, stated, “I want to thank Frank Ng and the entire AESE management team for its support in allowing WPT to flourish during this period. My management team and I are excited about this next chapter and the tremendous new opportunities for the WPT brand and business.”

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful entertainment brands: Allied Esports International, Inc. (Allied Esports) and the World Poker Tour (WPT).

Allied Esports is an award-winning, innovative esports company comprised of a global network of dedicated esports properties and content production facilities. Its mission is to connect players, streamers and fans around the world through integrated arenas, including its flagship venue, HyperX Esports Arena Las Vegas, its fleet of mobile esports trucks, the HyperX Esports Trucks, the HyperX Esports Studio, and affiliate members of the Allied Esports Property Network, which serve as both competition battlegrounds and everyday content generation hubs.

World Poker Tour is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. WPT ignited the global poker boom in 2002 with the creation of its iconic television show, now in its 18th season, based on a series of high-stakes poker tournaments. ClubWPT.com is a unique online membership platform that offers inside access to the WPT.

For more information about Allied Esports Entertainment, Inc. and its subsidiaries, please visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to meet Nasdaq’s continued listing standards; the Company’s ability to execute on its business plan; the ability to retain key personnel; potential litigation; the ongoing effects of the COVID-19 pandemic; and general economic and market conditions, impacting demand for the Company’s services. These and other risk factors are discussed in Company reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005198/en/

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Media Contact:
Brian Fisher
Allied Esports Entertainment
[email protected]

Source: Allied Esports Entertainment, Inc.

LAS VEGAS--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), and HyperX, the gaming division of Kingston Technology, Inc., today announced the renewal of their exclusive naming rights agreement for Allied Esports’ global flagship property, HyperX Esports Arena Las Vegas, located at Luxor Hotel and Casino on the Las Vegas Strip.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210113005096/en/

Gamers participate in a tournament at HyperX Esports Arena Las Vegas. (Photo: Business Wire)

Per the multiyear deal, HyperX will continue to receive prominent branding and signage inside and outside of the venue, as well as across all arena promotions, content and social media platforms. HyperX and Allied Esports will continue to partner on a variety of co-branded experiences and events at the arena focused on growing their gaming and esports communities.

“HyperX has been an incredible naming rights partner for our flagship property, bringing authenticity and credibility to the most recognized esports venue and production facility in the world,” said Jud Hannigan, CEO of Allied Esports. “We are thrilled to extend this landmark alliance as we work together to continue delivering exciting experiences and content for customers and partners alike.”

“HyperX is excited to retain the naming rights sponsorship of the HyperX Esports Arena Las Vegas as a sign of our commitment and dedication to esports and the gaming community,” said Daniel Kelley, director of marketing, HyperX. “Allied Esports is a key partner for us, proving their ability to be a best-in-class esports destination, and we look forward to continued success with them.”

As the premier esports venue and production facility in North America, the world-renowned HyperX Esports Arena Las Vegas has become a global destination for esports fans, professional players, streamers and influencers, event organizers, publishers and teams. Since opening in March 2018, when it was named the Esports Business Summit’s Venue of the Year, HyperX Esports Arena Las Vegas has hosted more than 500 events, including industry icons like League of Legends All-Star and Capcom Cup. Furthermore, HyperX Esports Arena Las Vegas welcomed more than 300,000 visitors in 2019.

With its unique modular design, elevated main stage, two-story LED video wall and one-of-a-kind HyperX Hype Tunnel, HyperX Esports Arena Las Vegas is the ultimate setting for players to test and showcase their skills. The arena’s weekly tournaments and broadcasts, including Frags featuring Fortnite and Saturday Night Speedway featuring Mario Kart 8, draw competitors from across the west coast and have become a benchmark for community events and grassroots growth for up-and-coming players.

In addition to its world-class gaming hospitality, HyperX Esports Arena Las Vegas’s versatile production capabilities continue to be at the center of many online esports and entertainment productions throughout the world.

Also designated as the Official Peripheral Partner of HyperX Esports Arena Las Vegas, HyperX will continue to provide gaming headsets, keyboards, mice and mouse pads, and USB microphones for esports tournaments, special events, and daily play.

The announcement was made today during CES 2021, the largest technology show in the U.S., which has gone to an online format this year due to the COVID-19 pandemic. HyperX, an official CES 2021 digital participant, is preparing for positive and healthy gaming in 2021 by continued sponsorship of the arena frequented by gaming fans and global visitors experiencing gaming in a premium environment.

Due to the current COVID-19 situation, HyperX may experience some product and shipping delays. HyperX is taking every possible measure to work with partners to minimize the impact on its customers and ensure product availability and timely delivery.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

About HyperX

HyperX is the gaming division of Kingston Technology Company, Inc., the world’s largest independent memory manufacturer, with the goal of providing gamers, PC builders, PC, console and mobile power users with high-performance components. For 16 years, the HyperX mission has been to develop gaming products for all types of gamers – high-speed memory, solid state drives, headsets, keyboards, mice, charging accessories for console players, USB flash drives, and mousepads – to the gaming community and beyond. The award-winning HyperX brand is known for consistently delivering products that deliver superior comfort, aesthetics, performance, and reliability. HyperX gear is the choice of celebrity ambassadors, pro gamers, tech enthusiasts, and over-clockers worldwide because it meets the most stringent product specifications and is built with best-in-class components. HyperX has shipped over 75 million memory modules, 15 million gaming headsets, two million keyboards and one million mice worldwide.

Join the global #HyperXFamily at facebook.com/hyperxcommunity, learn how HyperX products can enhance your console experience and boost performance for both you and your PC, console or mobile device at hyperxgaming.com. Whatever your skill level, whatever genres you play, we embrace all gaming enthusiasts everywhere with our core belief — We’re All Gamers.

Website: http://www.hyperxgaming.com/
Twitter: https://twitter.com/HyperX
Instagram: https://www.instagram.com/hyperx/
Facebook: http://www.facebook.com/hyperxcommunity
Youtube: https://www.youtube.com/user/kingstonhyperx

View source version on businesswire.com: https://www.businesswire.com/news/home/20210113005096/en/

Brian Fisher
Allied Esports
[email protected]

Mark Tekunoff
HyperX, the gaming division of Kingston Technology Company, Inc.
[email protected]

Source: Allied Esports Entertainment, Inc.

LAS VEGAS--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company (“Allied Esports”) and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), and interactive live streaming platform Trovo have announced the creation of the Trovo Holiday Royale, three $10,000 mobile esports tournaments featuring popular Battle Royale games – Fortnite, PLAYERUNKNOWN’S BATTLEGROUNDS (PUBG) Mobile and Call of Duty Mobile – starting December 20, 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201217005366/en/

Organized by Trovo and co-organized and produced by Allied Esports from the HyperX Esports Arena Las Vegas, the nine days of mobile duos tournaments will be divided into three days of competition for each game, with public matchmaking for Open Qualifiers on day one followed by two days of custom lobbies for Closed Qualifiers and the Finals.

The Trovo Holiday Royale starts with Fortnite from December 20-22, continues with PUBG Mobile on December 23 and December 26-27, and concludes with Call of Duty Mobile from December 28-30. All competition and live streams will begin at 12 p.m. PT, except for the December 27 PUBG Mobile Finals, which will begin at 3 p.m. PT. The Closed Qualifiers and $10,000 Finals for each tournament will be streamed live on Trovo.live/TrovoHolidayRoyale.

"To celebrate the holidays and wrap up our first official calendar year, we are excited to bring some competitive fun to the entire Trovo community with the Trovo Holiday Royale,” said Allen Chan, Senior Operations Manager at Trovo. “With streamers able to win prizes and rewards allotted for viewers, we are ecstatic to work with Allied Esports to deliver this unique tournament and entertainment concept to the Trovo family.”

“The Trovo Holiday Royale is an exciting opportunity to reward Trovo’s most loyal and active community members, while inviting new users to experience the platform in a competitive and entertaining way,” said Frank Ng, CEO of Allied Esports Entertainment. “We’re thrilled to partner our esports organization and production experience with Trovo’s growing platform and look forward to exploring more opportunities to work together in the new year.”

Prize Pool, “Trovo Treasure” and Viewer Rewards

Each Trovo Holiday Royale tournament will feature a $10,000 prize pool that will pay out the top eight teams, with $5,000 awarded to the top performing duo, $2,000 going to the second-place team, $1,000 awarded to the third-place finishers and $600 going to the duo in fourth place. Fifth- and sixth-place teams will receive $500 each while seventh- and eighth-place finishers will earn $200 each.

The Trovo Holiday Royale will offer participants the opportunity to earn “Trovo Treasure,” a cash reward system totaling more than $24,000 across the three tournaments. The 200 players who advance to the Closed Qualifiers of each tournament will receive $15 cash and those who move on to the Finals will be awarded an additional $50 cash.

But the Trovo Holiday Royale is not just about the players; fans who tune in to watch the tournament will have a chance to enjoy rewards as well. Fans who watch their favorite Trovo streamers during each tournament or tune in to Trovo.live/TrovoHolidayRoyale and participate in the chat will have the chance to receive subscriptions to their Trovo channel. The Allied Esports Trovo account will randomly gift 200 subscriptions during the Closed Qualifiers of each tournament and 400 subscriptions during the Finals of each tournament.

Player Eligibility and Format

To participate in the Trovo Holiday Royale tournaments, players must:

• Have an active Trovo account,
• Register with Allied Esports on Smash.gg,
• Join the Allied Esports Discord, and
• Have one duo member stream their competitive play on Trovo throughout the tournament.

For Open Qualifiers of each tournament, all participants will queue in a duos matchmaking lobby during a three-hour window and play in as many games as possible, earning points for placement and eliminations. Each duo will submit their top three scores within the three-hour window, which will be combined to create their qualifying score. The top 84 scores from Open Qualifiers will advance to the next round of the tournament.

In addition to the teams that advanced from Open Qualifiers, Closed Qualifiers will include 16 Trovo Streamers with Trovo Level 1 status or greater who apply at AlliedEsports.gg/TrovoHolidayRoyale and receive an invitation from Trovo for direct entry. Invited players may choose their own duo partner. The Closed Qualifiers will be split into two 50-team (100-player) custom lobbies where participants will compete in three rounds of play to accumulate the best combined score.

The top 34 scores from Closed Qualifiers will join an additional 16 invited Trovo streamers who have Trovo Level 1 status, plus 15-plus hours streamed on Trovo in the month of December, and their duo partner for the Finals of the Trovo Holiday Royale. All Finals players will participate in five rounds of custom lobby matches to accumulate the best combined score.

The Trovo Holiday Royale is limited to participants in North America and Latin America only. Fans can use #TrovoRoyale on Twitter and Instagram to join the conversation and learn more leading up to and throughout the tournaments. Visit AlliedEsports.gg/TrovoHolidayRoyale for official tournament rules.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

About Trovo

Trovo is an interactive live streaming platform for gamers and the things we love. It is a unique platform to watch and chat with other fans from all over the world. You can see the hottest games in action, share your own gaming experience, and join in an entertaining community created especially for gamers, creators and do-ers. Trovo is where players, gamers, viewers and streamers get to know each other in new ways. With Trovo, you can: Watch streams of your favorite games and content creators with a smooth experience on both computers and mobile devices; Browse and explore streams of the most popular games and get recommendations on content customized for you; Interact with streamers and other viewers by chatting, casting spells and sending emotes in the chatroom; Support your favorite streamers by following and subscribing them and receive their real time updates; and Customize your profile and personal page so that other users can get to know you.

For more information about Trovo, visit trovo.live and download the app in the App Store and Google Play Store. Follow @trovolive on all social platforms to stay up to date on all the latest news.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005366/en/

Media Contacts:
Brian Fisher
Allied Esports
[email protected]

Allen Chan
Trovo Live
[email protected]

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Source: Allied Esports Entertainment, Inc.

Around-the-Clock Schedule Features Hundreds of Hours of Original Content and Tournaments from HyperX Esports Arena Las Vegas and European Studio Productions

LAS VEGAS--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company (“Allied Esports” or the “Company”) and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), has announced the launch of a 24-hour cross-channel content strategy on Twitch. Hundreds of hours of Allied Esports’ tournament productions and exclusive original content will be programmed around the clock across the Company’s Twitch channels, including the newly branded “Allied24Seven” channel, formerly known as “HyperXESALV.”

The new 24-hour programming schedule, which has generated more than 2 million Live Views on Allied Esports’ Twitch channels since a pilot rollout was started in November, will include a wide selection of recent and classic Allied Esports event broadcasts from North America and Europe, including:

• Original Productions: High-profile events, including Ninja Vegas ’18 and PlayTime™ with KittyPlays, featuring gaming superstars such as Ninja, KittyPlays, Myth and Pokimane, plus Cleveland Browns quarterback Baker Mayfield and New York Mets pitcher Trevor May.

• Professional Events: Top-tier tournaments, including the Allied Esports Odyssey VALORANT Ignition Series tournament featuring G2 Esports, Team Liquid, FunPlus Phoenix, Ninjas in Pyjamas, Vodafone Giants and BBL Esports; the VIE.gg CS:GO Legend Series, as well as additional Legend Series events, including VALORANT, Call of Duty and CS:GO; and the Allied Esports Vegas Minor featuring Rainbow Six Siege.

• Community Competitions: Weekly LAN and online events, including Friday Frags featuring Fortnite, Saturday Night Speedway featuring Mario Kart 8, the Strafe Series featuring VALORANT and the Combustion Series featuring Rocket League, showcasing rising stars from Allied Esports’ gaming communities.

“With viewership across streaming platforms continuing to increase, we have the ability to tap into our extensive library and deliver a variety of exciting programming to both the stalwart and new, pandemic-era audiences clamoring for gaming content,” said Frank Ng, CEO of Allied Esports Entertainment. “From professional teams in top-tier tournaments to original events and weekly community competitions, fans now have the opportunity to experience the full array of our unique brand of esports entertainment.”

Allied Esports’ main Twitch channel, Twitch.tv/AlliedEsports, will continue as the home of the Company’s live event streams, including weekly online and offline tournaments produced at HyperX Esports Arena Las Vegas, as well as top-tier events produced from the HyperX Esports Studio in Hamburg, Germany.

As part of the new content strategy, Allied Esports has also transitioned its live broadcast of its popular Saturday Night Speedway featuring Mario Kart 8 tournament to YouTube to capitalize on the platform’s increased live esports viewership, which reached 1.6 billion cumulative hours watched in the third quarter of 2020, a jump of 131% year-over-year. Re-airs of Saturday Night Speedway will be programmed into Allied Esports’ 24-hour schedule on Twitch.

For additional information, follow @AlliedEsports and follow or subscribe to Twitch.tv/AlliedEsports and Twitch.tv/Allied24Seven.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005338/en/

Media Contact:
Brian Fisher
Allied Esports
[email protected]

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Source: Allied Esports Entertainment, Inc.

Commenting on the third quarter results, the Company’s CEO, Frank Ng, said, “I am extremely pleased with the resiliency of our business and the performance we delivered in the third quarter despite the significant challenges we faced in the first half of 2020 arising from the COVID-19 pandemic that persisted throughout the third quarter. While strong results in the In-person pillar of our business was our primary growth driver for the Company prior to the on-set of the pandemic, operational restrictions, including extremely limited social gatherings mandated globally, impacted this part of our business model for both Allied Esports and the WPT® during the third quarter. Nonetheless, we generated solid third quarter revenue growth from Multiplatform Content and Interactive Services that helped to nearly offset the impact of the pandemic on our business.”

Mr. Ng continued, “Total revenues for the quarter of $5.9 million declined just 2.5% from $6.0 million in the in the third quarter last year. Considering the significant restrictions we had in our ability to operate our In-person events for both Allied Esports and WPT, we are pleased with this result. At the bottom line, our adjusted EBITDA loss of $1.1 million improved significantly from an adjusted EBITDA loss of $2.1 million a year ago, marking the third quarter as the best quarterly adjusted EBTIDA result since we entered the public markets one year ago.”

Mr. Ng concluded, “As we look ahead, we believe that the strategic pivot we made to focus on our Multiplatform Content and Interactive Services pillars has accelerated our ability to monetize all three pillars of our strategy. Importantly, we believe this has put us in a great position to better serve our customers in the future and take full advantage of the significant growth opportunities as the economy continues to recover and the environment normalizes.”

Third Quarter 2020 Financial Results

Revenues: Total revenues of $5.9 million decreased 2.5% in the third quarter of 2020 versus the third quarter one year prior. This was primarily due to decreased In-person revenue nearly offset by revenue growth in Multiplatform Content and Interactive Services.

In-person revenues were $0.7 million for the third quarter of 2020, a decrease of $1.9 million, or approximately 73%, from $2.6 million in the third quarter of last year. The decrease in In-person revenues was primarily related to the cancellation or postponement of in-person events at the Company’s flagship esports venue, HyperX Esports Arena Las Vegas at the Luxor Hotel & Casino, and WPT events due to safety measures related to the global response to the COVID-19 pandemic.

Multiplatform Content revenues were $1.3 million for the third quarter of 2020, an approximately 23% increase from $1.0 million in the third quarter of last year. The increase in Multiplatform Content revenues was primarily due to an increase in distribution revenue from two major customers.

Interactive Services revenues were $3.9 million for the third quarter of 2020, an increase of $1.5 million, or approximately 62%, from $2.4 million in the prior year quarter. The increase in Interactive Services revenues was driven by strong growth in ClubWPT™ subscriptions and continued success of our new premium ClubWPT Diamond service. ClubWPT is a unique online membership site that offers inside access to the WPT, as well as a sweepstakes-based poker club with no purchase necessary, available in 43 states and territories across the United States, Australia, Canada, France and the United Kingdom.

Costs and expenses: Total costs and expenses for the third quarter of 2020 were $9.2 million, down 7% compared to the third quarter of 2019. Costs and expenses decreased primarily due to lower In-person expenses as well as lower selling and marketing expenses and G&A expenses. The decrease was partially offset by higher Multiplatform Content and Interactive Services-related expenses, online operating expenses and stock-based compensation expense.

Total net loss for the quarter was $6.5 million, compared to a total net loss of $4.3 million in the prior year period. Total net loss for the third quarter of 2020 included a non-cash extinguishment loss on acceleration of debt redemption of $1.7 million that was not incurred in the prior year period.

Adjusted EBITDA loss was $1.1 million for the quarter, as compared to $2.1 million in the third quarter of 2019. A reconciliation of the GAAP-basis net loss to adjusted EBITDA is provided in the table at the end of this press release.

Balance Sheet

As of September 30, 2020, the Company had a cash position of $10.8 million, including $5.0 million of restricted cash, compared to $12.1 million at December 31, 2019, which included $3.7 million of restricted cash. The total gross principal amount of bridge and convertible debt was $9.1 million, as compared to $14 million in the prior year period. As of September 30, 2020, the Company’s common shares outstanding totaled 32.0 million shares.

Operational Update

Allied Esports

In the third quarter of 2020, Allied Esports produced 71 events, with 64 proprietary events and 7 third-party productions, across its North American and European business units.

In the third quarter, Allied Esports saw strong growth in both its in-arena and online proprietary offerings. The Legend Series brand and tournament extended its format to VALORANT, completing five online VALORANT Legend Series tournaments sponsored by Switzerland-based Home of Esports. Allied Esports’ community-building efforts in VALORANT led to a partnership with Riot Games on the VALORANT Ignition Series, launching Allied Esports Odyssey, a six-day event featuring the top teams in Europe. The event set an Allied Esports viewership record with 1.6 million Live Views and 1.1 million Hours Watched on Twitch. The success of the events in the third quarter grew the Company’s Twitch followers by 358%.

Allied Esports also laid out its vision for continued growth of its online tournament offerings in North America, where it will be hosting a combination of month-long series and single day pop-up events to drive participation and viewership. The VALORANT Strafe Series and Rocket League Combustion Series, both ran throughout the third quarter, with 1,722 players participating online.

In the third quarter, the Company’s weekly events at HyperX Esports Arena, Friday Frags featuring Fortnite and Saturday Night Speedway featuring Mario Kart, showed considerable growth across all viewing metrics, driven by the impact from the new follower growth. Most notably, Unique Viewers increased 1,144% with Friday Frags and 136% with Saturday Night Speedway, as compared to pre-pandemic levels in the first quarter of 2020. The HyperX Esports Truck also executed two events during the third quarter, including an outdoor event with local Saturday Night Speedway sponsor, Findlay Volkswagen.

Allied Esports continued to leverage its infrastructure for production services for several clients, including the second DIGI1, a digitized version of gaming exhibition event Gamevention; the integration of Gamers.Vote into a Friday Frags tournament in July to support awareness amongst the gaming industry on the importance of registering to vote; and LAFC’s online FIFA matches and Call of Duty celebrity invitational tournaments hosted by NFL Alumni.

In the third quarter, Allied Esports also became a member of the Esports Integrity Commission and forged strong partnerships with Esports Entertainment Group and GRID Esports that have begun to generate monetization opportunities through esports betting via the licensing of video and data rights. The Vie.gg CS:GO Legend Series ran for two weeks in September and delivered 1.7 million Unique Viewers across multiple platforms while driving a 400% increase in New Users and a 300% increase in deposits on Esports Entertainment Group's Vie.gg platform. The event was historic for Allied Esports, its partners and the State of New Jersey, as the New Jersey Division of Gaming Enforcement and the New Jersey Economic Development Authority announced its regulatory approval, allowing the Company’s event to be the first to offer legal esports wagering in the state. In addition to Vie.gg, the event was carried on several sports book platforms, including DraftKings, PointsBet, Bet365, Pinnacle, UWIN, YABO, Oneworks and Fonbet.

World Poker Tour®

From July through September, WPT hosted the first-ever WPT World Online Championships on partypoker. The series was a phenomenal success with $100 million in guarantees in the festival and five WPT Champions crowned and their names added to the Mike Sexton WPT Champions Cup. The $10,300 buy-in and $10 million guaranteed WPT Main Event became the largest WPT prize pool of Season 18 and drew 1,011 players. The overall WPT World Online Championships festival attracted more than 285,000 total entries and 34,000 unique entries on partypoker. In addition, there were more than 3.5 million views on Facebook and over 5.2 million impressions on Twitter, the largest ever WPT social media footprint during a single festival.

In August, the WPT returned to live poker with the record-setting WPT Japan event in Tokyo. The event drew 726 players in WPT’s first live event since March 2020 and marked the first time WPT secured a mainstream sponsor for WPT Japan, with Sega Sammy Corporation.

In September, the WPT hosted a second event with partypoker US Network that featured another record-breaking prize pool in the New Jersey market of more than $432,000 for the WPT Online Borgata Series Main Event. WPT also initiated a $200,000 deal with Constellation Brands to feature a premium brand, Corona beer, as a primary sponsor of the WPT TV show in 2021. The Corona logo will appear on the WPT TV Show rail and in integrated segments.

The new premium level of ClubWPT, ClubWPT Diamond, which successfully launched in June, comprised a meaningful portion of the overall ClubWPT revenue.

Third Quarter 2020 Conference Call

The Company will host a conference call today at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its third quarter 2020 financial results. Participants may join the conference call by dialing 1-877-407-0792 (United States) or 1-201-689-8263 (International).

A live webcast of the conference call will also be available on Allied Esports’ Investor Relations site at http://ir.alliedesportsent.com. Additionally, financial information presented on the call will be available on Allied Esports’ Investor Relations site. For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 pm ET on Monday, November 23, 2020, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 13711978.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

Non-GAAP Financial Measures

As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the company’s results of operations as determined in accordance with GAAP.

The Company provides net income (loss) and earnings (loss) per share in accordance with GAAP. In addition, the Company provides EBITDA (defined as GAAP net income (loss) before interest (income) expense, income taxes, depreciation, and amortization). The Company defines “Adjusted EBITDA” as EBITDA excluding certain non-cash charges, including extinguishment losses, stock-based compensation, inducement expense and impairment losses.

In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure the Company’s financial and operating performance. In particular, the measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business, operating results, or future outlook. Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with others, in assessing the Company’s operating results, and measuring compliance with the requirements of the Company’s debt financing agreements, as well as in planning and forecasting.

The Company’s non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles, and our non-GAAP definitions of the “EBITDA” and “adjusted EBITDA” do not have a standardized meaning. Therefore, other companies may use the same or similarly named measures, but include or exclude different items, which may not provide investors a comparable view of the Company’s performance in relation to other companies.

Management compensates for the limitations resulting from the exclusion of these items by considering the impact of the items separately and by considering the Company’s GAAP, as well as non-GAAP, results and outlook, and by presenting the most comparable GAAP measures directly ahead of non-GAAP measures, and by providing a reconciliation that indicates and describes the adjustments made.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to meet Nasdaq’s continued listing standards; the Company’s ability to execute on its business plan; the ability to retain key personnel; potential litigation; the ongoing effects of the COVID-19 pandemic; and general economic and market conditions, impacting demand for the Company’s services. These and other risk factors are discussed in Company reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(unaudited)

EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as a substitute for net income (loss), operating income (loss) or any other performance measure derived in accordance with United States generally accepted accounting principles (“GAAP”) or as an alternative to net cash provided by operating activities as a measure of AESE’s profitability or liquidity. AESE’s management believes EBITDA and Adjusted EBITDA are useful because they allow external users of its financial statements, such as industry analysts, investors, lenders and rating agencies, to more effectively evaluate its operating performance, compare the results of its operations from period to period and against AESE’s peers without regard to AESE’s financing methods, hedging positions or capital structure and because it highlights trends in AESE’s business that may not otherwise be apparent when relying solely on GAAP measures. AESE presents EBITDA and Adjusted EBITDA because it believes EBITDA and Adjusted EBITDA are important supplemental measures of its performance that are frequently used by others in evaluating companies in its industry. Because EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income (loss) and may vary among companies, the EBITDA and Adjusted EBITDA AESE presents may not be comparable to similarly titled measures of other companies. AESE defines “EBITDA” as earnings before interest, income taxes, depreciation and amortization of intangibles. AESE defines “Adjusted EBITDA” as EBITDA excluding certain non-cash charges, including extinguishment losses, stock-based compensation, inducement expense and impairment losses.

The following table presents a reconciliation of EBITDA and Adjusted EBITDA from net loss, AESE’s most directly comparable financial measure calculated and presented in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201109006066/en/

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Media Contact:
Brian Fisher
Allied Esports Entertainment
[email protected]

Source: Allied Esports Entertainment, Inc.

Participants may join the conference call by dialing 1-877-407-0792 (United States) or 1-201-689-8263 (international). A live webcast of the conference call will also be available on Allied Esports’ Investor Relations site at http://ir.alliedesportsent.com. Additionally, financial information presented on the call will be available on Allied Esports’ Investor Relations site. For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 pm ET on Monday, November 23, 2020, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and using the replay passcode: 13711978.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201026005146/en/

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Media Contact:
Brian Fisher
Allied Esports Entertainment
[email protected]

Source: Allied Esports Entertainment, Inc.

VIE.gg CS:GO Legend Series and Allied Esports Odyssey Tournaments Combine to Drive Record Viewership and Follower Growth Over Five-Week Period

IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), drew 1.7 million unique viewers for the VIE.gg CS:GO Legend Series tournament, which ended Sunday, September 13. The two-week competition, which also generated over 1 million hours watched and reached 98,000 peak viewers, is the company’s most-watched Legend Series event since the tournament series was created in 2017.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200917005328/en/

The professional Counter-Strike tournament, which was produced from Allied Esports’ HyperX Esports Studio in Hamburg, Germany, was a global event reaching esports audiences across multiple continents and languages. Allied Esports worked with various partners to broadcast the tournament on Twitch in six languages – English, Portuguese, Russian, Spanish, French and German – and on Chinese streaming platform HUYA, which carried both English and Chinese streams.

The tournament capped a historic five-week period for Allied Esports’ online tournament streams. The VIE.gg CS:GO Legend Series and the Allied Esports Odyssey, an official tournament in Riot Games’ VALORANT Ignition Series that ran August 11-16, combined for 4 million unique viewers and 2 million hours watched. The two tournaments also generated a total of 37,000 new followers across Allied Esports’ Twitch channels, an increase of 68% since August 10, to raise the combined total of followers to 91,044. Allied Esports’ social platforms, including Twitter, Instagram and Facebook, generated a net audience increase of 4,900% and engagement increase of 486% compared to the previous five-week period.

“The VIE.gg CS:GO Legend Series is a great example of the ability of our tournaments to deliver dedicated content to an enthusiastic, engaged audience, and we will continue to develop these brands to meet the needs of partners as the esports industry continues to evolve,” said Frank Ng, CEO of Allied Esports Entertainment. “This tournament was an excellent start to our partnership with Esports Entertainment Group, as we introduced their wagering platform to millions of people around the world, and we look forward to creating more valuable content with them in the near future.”

The VIE.gg CS:GO Legend Series tournament was Allied Esports’ first Legend Series event to include a licensing partner and title sponsor through its partnership with Esports Entertainment Group. As a result, Esports Entertainment Group saw a 400% increase in new users and a 300% increase in deposits on the VIE.gg platform compared to the same period in the prior month.

Each broadcast during the VIE.gg CS:GO Legend Series tournament prominently featured a wagering component, including dynamic live odds that were on display for the entirety of each match.

“We are absolutely thrilled with the viewership numbers for the VIE.gg CS:GO Legend Series, a new benchmark for Allied Esports and a great introduction of our VIE.gg brand to fans around the world,” commented Grant Johnson, CEO of Esports Entertainment Group. “Working with the team at Allied Esports on this tournament has been a great experience, and we’re already in discussions for the next event.”

The online event was also the first esports tournament registered for legal betting in the state of New Jersey, an announcement that was made by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Division of Gaming Enforcement (DGE) on September 2.

The VIE.gg CS:GO Legend Series featured 16 Counter-Strike teams from multiple European countries, the Commonwealth of Independent States (CIS) region and South America, including seven teams ranked in the top 50 globally. Kazakhstan’s Winstrike, which jumped from No. 60 in the world at the start of the tournament to No. 34, defeated 32nd-ranked Heretics from France 3-0 in the best-of-five Grand Final to secure the first VIE.gg CS:GO Legend Series title and €17,000 of the €50,000 total prize pool. Every game from the two-week tournament can be watched in full at youtube.com/alliedesports.

Allied Esports’ original Legend Series tournament brand was designed to expand the competitive ecosystem and total prize pool for teams ranked outside of the first tier. The VIE.gg CS:GO Legend Series was Allied Esports’ seventh edition of the CS:GO Legend Series and the 13th Legend Series event overall, with previous versions of the series featuring VALORANT, League of Legends, Call of Duty, Overwatch and FIFA.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200917005328/en/

Media Contacts:
Brian Fisher
Allied Esports
[email protected]

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Source: Allied Esports Entertainment, Inc.

• As has previously been disclosed publicly, the Company is in partnership with Simon Equity Development, LLC and its affiliates (“Simon”) to develop esports venues in Simon-owned and operated malls around the U.S. The Company continues to have regular dialogue with Simon regarding the impact of the COVID-19 crisis and the subsequent rollout of planned retail locations.
• Although the Company’s World Poker Tour (“WPT”) business has partnered with DraftKings Inc. (“DraftKings”) in the past for sponsorship opportunities, and the Company and DraftKings have discussed potential business opportunities from time to time as the Company does with many similarly situated potential business partners, there is no current agreement in place between the Company and DraftKings for future poker or esports partnerships.
• The Company continues to assess potential financing transactions with third parties, whether dilutive or not, to ensure the Company has sufficient capital to operate its business and increase shareholder value.
• The Company cannot speculate about why shareholders elect to sell shares of the Company; however significant recent insider sales, but not all sales, were “sell to cover” transactions to satisfy the withholding taxes assessed against our insiders as a result of the issuance of shares as bonuses in lieu of cash, and the lapse of restrictions on their shares previously issued. All of these share issuances have been previously disclosed to the public, and the Company believes that all sales have been properly reported by its insiders.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful entertainment brands: Allied Esports International, Inc. (Allied Esports) and the World Poker Tour (WPT).

Allied Esports is an award-winning, innovative esports company comprised of a global network of dedicated esports properties and content production facilities. Its mission is to connect players, streamers and fans around the world through integrated arenas, including its flagship venue, HyperX Esports Arena Las Vegas, its fleet of mobile esports trucks, the HyperX Esports Trucks, the HyperX Esports Studio, and affiliate members of the Allied Esports Property Network, which serve as both competition battlegrounds and everyday content generation hubs.

World Poker Tour is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. WPT ignited the global poker boom in 2002 with the creation of its iconic television show, now in its 18th season, based on a series of high-stakes poker tournaments. ClubWPT.com is a unique online membership platform that offers inside access to the WPT.

For more information about Allied Esports Entertainment, Inc. and its subsidiaries, please visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to meet Nasdaq’s continued listing standards; the Company’s ability to execute on its business plan; the ability to retain key personnel; potential litigation; the ongoing effects of the COVID-19 pandemic; and general economic and market conditions, impacting demand for the Company’s services. These and other risk factors are discussed in Company reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200914005306/en/

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Media Contact:
Brian Fisher
Allied Esports Entertainment
[email protected]

Source: Allied Esports Entertainment, Inc.

IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), has created the first opportunity for legal esports betting in New Jersey through its VIE.gg CS:GO (Counter-Strike: Global Offensive) Legend Series tournament, which runs through September 13. The announcement allowing legal esports betting in the state was made by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Division of Gaming Enforcement (DGE), and was facilitated by New Jersey-based gaming and esports agency Gaud-Hammer Gaming Group.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200902005531/en/

Allied Esports’ previously announced data and video rights licensing agreement with GRID Esports, a leading esports data provider, paved the way for the tournament’s live-server data to be distributed to participating sportsbooks and other online vendors in the Garden State, allowing bettors to engage with the event in real time.

“We are extremely proud that bettors in New Jersey will place their first legal esports wagers on the VIE.gg CS:GO Legend Series,” said Fran Ng, CEO of Allied Esports Entertainment. “Between our recent data and video rights agreements and focus on competitive integrity, we have raised the value of one of our key tournament brands and provided our partners with an innovative business solution. We are excited to play a new role in the rapidly growing esports betting market and believe we have taken the necessary steps to capture future opportunities in the U.S. and around the world with our unique offerings.”

“This is a momentous decision for esports betting in the U.S., and Allied Esports’ commitment to increased fan engagement and integrity allows for states and operators to function securely in their approach,” said Moritz Mauer, CEO of GRID Esports. “Each day, esports wagering gets closer to legitimacy across all 50 states and our ongoing effort in evangelizing esports data for betting and media is made possible by partners like Allied Esports. We are honored to join them in a part of history that starts this week in New Jersey.”

According to figures released by the NJDGE, New Jersey’s sportsbooks took $315.1 million in bets in July 2020, up 91% over June’s total and up 25.4% from the same month of 2019. Sports betting revenue was $29.6 million, up 65.2% over last July. For 2019, the first full calendar year of legal sports betting in New Jersey, a total of $4.55 billion was wagered at New Jersey sportsbooks, with $3.8 billion of that total online. Those wagers resulted in $299 million in gross revenue and $36.7 million in tax revenue for the state.

Through Allied Esports’ agreements with GRID Esports and naming rights partner Esports Entertainment Group, Inc. (NASDAQ: GMBL, GMBLW), a licensed online gambling company with a focus on esports wagering and 18+ gaming, the VIE.gg CS:GO Legend Series represents the first time Allied Esports has offered the use of its tournament data and video rights for the enhancement of regulated consumer betting. Allied Esports also recently announced its membership in the Esports Integrity Commission (ESIC) to maintain and enforce the competitive gaming regulations and conduct in its tournaments, effective immediately.

Each broadcast during the VIE.gg CS:GO Legend Series tournament prominently features a wagering component, including dynamic live odds that are on display for the entirety of each match. The online event is produced by Allied Esports from its HyperX Esports Studio in Hamburg, Germany and streamed live on Twitch.tv/AlliedEsports from 6 a.m. to 1 p.m. PDT (9 a.m. - 4 p.m. EDT) each day. For the tournament bracket and schedule of matchups, visit AlliedEsports.gg/LegendSeries.

The VIE.gg CS:GO Legend Series is a showcase of 16 teams from multiple European countries, the Commonwealth of Independent States (CIS) region and South America competing online for €50,000 ($59,000) in total prize money. The lineup includes the top-ranked CS:GO teams from five countries – Belarus, Bulgaria, Norway, Romania and Ukraine – and seven teams ranked in the top 50 globally.

Created in 2017, Allied Esports’ original Legend Series tournament brand was designed to expand the competitive ecosystem and total prize pool for teams ranked outside of the first tier. The VIE.gg CS:GO Legend Series is Allied Esports’ sixth edition of the CS:GO Legend Series and the first to feature a licensing partner and title sponsor. Additional versions of the series have previously included Overwatch, League of Legends, FIFA, COD Blackout and VALORANT.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup and VALORANT Ignition Series: Allied Esports Odyssey.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200902005531/en/

Media Contacts:
Brian Fisher
Allied Esports
[email protected]

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Source: Allied Esports Entertainment, Inc

IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports, a global esports entertainment company and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), and Esports Entertainment Group, Inc. (NASDAQ: GMBL, GMBLW), a licensed online gambling company with a focus on esports wagering and 18+ gaming, today announced participating teams and final details for the inaugural VIE.gg CS:GO (Counter-Strike: Global Offensive) Legend Series tournament, set to begin on Monday, August 31, 2020. The partners previously announced a licensing and sponsorship agreement for the tournament that will bring Legend Series wagering opportunities to consumers on the new VIE.gg platform for the first time.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200828005052/en/

(Graphic: Business Wire)

The VIE.gg CS:GO Legend Series will feature 16 teams from multiple European countries, the Commonwealth of Independent States (CIS) region and South America competing online for €50,000 ($59,000) in total prize money. The lineup features the top-ranked CS:GO teams from five countries, including Belarus, Bulgaria, Norway, Romania and Ukraine, and seven teams ranked in the top 50 globally. Participating teams are listed below, and two additional teams will be announced next week.

*HellRaisers is ranked 11^th in the CIS region.

Allied Esports’ VIE.gg CS:GO Legend Series format will include a group stage featuring four groups of four teams competing in best-of-three play, with the top two teams from each group advancing to the playoffs. The four first round playoff matchups will be best-of-three, while the semifinals and finals will be best-of-five.

Teams will earn prize pool money throughout the tournament, including €500 for each match win and €1500 to the top finisher in each group. The VIE.gg CS:GO Legend Series champion will take home €15,000, with €7,000 to the runner-up, €3,000 each to the third and fourth place finishers, and €1,500 to each of the remaining playoff participants.

The tournament will be produced by Allied Esports from its HyperX Esports Studio in Hamburg, Germany and streamed live on Twitch.tv/AlliedEsports from 8 a.m. to 3 p.m. PDT (5 p.m. - 12 a.m. CEST) each day. For a schedule of matchups, visit AlliedEsports.gg/LegendSeries.

Leading each broadcast during the two-week competition will be casters Robert Jan Kortooms (@RJcasts) and Thiadrik Oldersma (@Toldersma), alongside analyst and former professional CS:GO player Mathieu Quiquerez (@Maniac_CSGO). Each broadcast during the tournament will feature a wagering component, including dynamic live odds that will be on display for the entirety of each match, while additional prop bets will be discussed and integrated into each show. For a full list of available real-time bets, fans can go to VIE.gg throughout the tournament.

“We have worked together with Esports Entertainment Group to integrate customized features and unique content presentations into a broadcast of our popular Legend Series that highlights their product and delivers an exciting new experience to viewers around the world,” said Frank Ng, CEO of Allied Esports Entertainment. “Our ability to provide partners with established tournament brands and high-quality productions that help them achieve their business objectives will continue to strengthen our position as a leader in the burgeoning esports betting industry and beyond.”

Created in 2017, Allied Esports’ original Legend Series tournament brand was designed to expand the competitive ecosystem and total prize pool for teams ranked outside of the first tier. The VIE.gg CS:GO Legend Series will be Allied Esports’ sixth edition of the CS:GO Legend Series and the first to feature a licensing partner and title sponsor. Additional versions of the series have previously included Overwatch, League of Legends, FIFA, COD Blackout and VALORANT.

“We’re thrilled to sponsor the inaugural VIE.gg CS:GO Legend Series, which features an incredible roster of teams and has the potential to reach their more than four million combined followers globally,’’ commented Magnus Leppaniemi, VP of Marketing and Head of Esports at Esports Entertainment Group. “This is a great opportunity for us to support the CS:GO ecosystem and provide an avenue for underserved teams to compete for larger prize pools.”

Esports Entertainment Group offers bet exchange-style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at VIE.gg. The VIE.gg platform provides customers the ability to match bets against one another, with Esports Entertainment Group taking a small commission on the winnings.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup and VALORANT Ignition Series: Allied Esports Odyssey.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

About Esports Entertainment Group

Esports Entertainment Group, Inc. is a licensed online gambling company with a specific focus on esports wagering and 18+ gaming. The Company holds a license to conduct online gambling and 18+ gaming on a global basis in Malta and Curacao, Kingdom of the Netherlands and is able to accept wagers from over 149 jurisdictions including Canada, Japan, Germany and South Africa. Esports Entertainment offers fantasy, pools, fixed odds and exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at vie.gg. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company maintains offices in Malta. For more information visit www.esportsentertainmentgroup.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200828005052/en/

Media Contacts:
Brian Fisher
Allied Esports
[email protected]

Investor Contact:
Lasse Glassen
Addo Investor Relations
[email protected]
424-238-6249

Source: Allied Esports Entertainment, Inc.