Esports Entertainment Group has signed an agreement to acquire sports betting operator Bethard Group Limited.

Esports Entertainment will pay €16 million ($19.5 million) in cash and a 12% net gaming revenue share for two years, the company said. The deal is expected to close on July 1.

Bethard generated $31 million in revenue in 2020, and as a result of the transaction, Esports Entertainment raised its fiscal 2022 revenue guidance from $100 million to $105 million.

“This is another great addition for Esports Entertainment Group that substantially increases our revenues, and available markets,” CEO Grant Johnson said. “With this transaction, we expect to gain two new gaming licenses, including one in the strategically important Swedish market. At the completion of the license handover, we will have six tier-one licenses.”