While the idea that Esports may be considered more of a hobby to those not involved with the industry, this quiet business has grown to almost a $1-billion valuation in 2020 (according to Statista). This booming sector of the economy has been on the rise with the help of social media and streaming services to create a solid infrastructure behind the simple act of gaming.
Simplicity Esports and Gaming Company (OTCQB:WINR) has just announced that it has signed non-binding letters of intent (LOIs) to acquire five franchisee owned Esports gaming centers. According to the press release, these gaming centers, combined with other acquisition targets previously announced, generated over $2,000,000 in combined revenues in 2019.
Traders wasted no time buying up the Florida-based company’s shares, pushing the stock up to $1.58/share (+12%) following the news. This is coming weeks after the stock bounced off its June support level, and has been trending upwards since.
