Esports and online casino gaming company React Gaming announced this week that its wholly-owned LOOT.BET subsidiary has moved to significantly expand its global reach with the launch of an online esports platform under an Isle of Man license.
Following the launch of the new esports platform, LOOT.BET said that it would move the majority of its over 500,000 registered user accounts to the business licensed by the Isle of Man Gambling Supervision Commission.
The launch of the new esports platform was hailed as a “truly huge step forward” for the business by React Gaming’s recently appointed interim chief executive officer Leigh Hughes, who sees the platform as not only “providing games with the most compelling betting solutions” to affirm LOOT.BET’s presence in the B2C market but also as “the means to expand LOOT.BET’s global reach” by offering white-label solutions to strengthen the firm’s position in the B2B market. Hughes was selected to succeed former CEO, president and director Laurent Benezra.
With a focus on live betting and online gaming, React Gaming’s subsidiary LOOT.BET has already established itself as a leading operator in the esports betting sector, offering an exceptional product and service to its user base of over half a million, developed and supported by its operational and software development team of over 50 employees. A supporter of the esports industry, LOOT.BET is also a proud member of the Esports Integrity Commission.
High Jurisdictional and Ethical Standards
As a gaming jurisdiction, the Isle of Man is known for its highest standards of jurisdictional control and extremely high ethical standards for industry owners and investors, while licenses issued by the Isle of Man Gambling Supervision Commission are among the toughest to acquire.
The license acquired by LOOT.BET will also provide additional financial and logistical benefits for its parent React Gaming and support its mission to offer fun, safe and responsible gaming to online players worldwide.
Toronto Stock Exchange Venture Exchange (TSXV)-listed React Gaming, formerly known as Intema Solutions, acquired the esports platform LOOT.BET from its previous owner Livestream early in the year in a complex deal involving cash, stock and secured vendor take-back note with a total consideration of $14.8 million.