The Esports Mogul Ltd (ASX: ESH) share price is storming up today after the company announced a deal with a Nasdaq listed company.
The post The Esports Mogul (ASX:ESH) share price has surged up 57%. Here’s why appeared first on Motley Fool Australia. –
The Esports Mogul Ltd (ASX: ESH) share price was rocketing up this morning as the company announced a partnership with a Nasdaq Composite (INDEXNASDAQ: .IXIC) listed gaming company. Consequently, the company was issued a speeding ticket by the ASX and put in a trading halt.
The Esports Mogul share price was trading 39.29% higher in early trade, smashing its previous 52-week high as it reached a price of 2.3 cents. Trade has since resumed, with the share price now storming up 57%.
What Esports Mogul does
Esports Mogul is an Australian esports business that aims to lead the innovation of competitive gaming online. Unlike traditional Esports companies, Mogul seeks to benefit from the industry by providing an online platform for esports player matchmaking and tournaments.
The company’s platform is used for some of the world’s most popular esports titles. Esports Mogul has been listed on the ASX since 2011.
This morning, the Esports Mogul share price went ballistic on news of a strategic partnership with Nasdaq-listed Super League Gaming, Inc. The deal gives Esports Mogul the right to use Super League Gaming’s AI-powered streaming technology. The patented technology is most famous for its automated AI-powered “camera character” game view.
Furthermore, Mogul and Super League Gaming will also partner on revenue generating opportunities. This will be done by providing openings for branding and rights holders through esports tournament streaming.
This is not the first time the two gaming entities have worked together. Mogul and Super League Gaming have previously started business development activities in multiple regions across the world.
What now for the Esports Mogul share price?
With Esports Mogul shares storming higher, its CEO, Michael Rubinelli stated:
Esports is a fast-growing gateway between brands and everyday gamers. We want to scale a best-in-class and industry leading proposition for brands and rights holders and Super League Gaming brings highly complementary technology to our ambitions. This partnership was the perfect fit for us and we can’t wait to get started.
Esports is a rapidly growing industry. The new focused ETF, VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO) being added in early September is evidence of this.
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