Back in February 2020, XB Systems, the company that was managing the esports betting site X-Bet.co agreed terms with BUFF.bet to merge into one organization, which will now become part of the BUFF.bet esports brand.
The news comes as something of a surprise given that since the company began operating back in May 2017, X-Bet.co has grown quickly within the esports industry and had become a site popular with punters seeking a bet on their favorite esports games.
This is the same market that UltraPlay’s innovative BUFF.bet has been operating in.
However, BUFF.bet is a standalone business affiliated with UltraPlay and it seems this link was key in the deal. XB Systems had been working closely with UltraPlay regarding its X-Bet.co brand and the impressive and rapid growth of that company, together with the advanced betting solutions and popularity of the BUFF.bet site, saw UltraPlay grasp the nettle to initiate talks between both parties to discuss a merger to bring the best of both brands together.
That agreement was finalized in early 2020.
As part of the agreement, X-Bet.co will take over the management and operation of the newly merged site, as well as becoming the owners of the domain and any of the assets that the two merged businesses possess. UltraPlay, as expected, will continue as the platform provider for the new company.
“Great Synergy Together”
Speaking about the merger, the CEO of UltraPlay Maria Ovcharov stated:
“We believe that X-Bet.co and BUFF.bet will form a great synergy together. With the two sites joined forces and the experienced management team of XB Systems firmly in place, BUFF.bet will undoubtedly go from strength to strength, becoming one of the leading esports betting operators worldwide.”
Daniel Miller, the CEO of XB Systems also sounded equally upbeat when remarking:
“The merger is an absolute recipe for success and a win-win situation for everyone. Under the BUFF.bet brand we are targeting a major slice of the global esports market. With our unique proposition of media portal and esports betting site powered by UltraPlay’s data and betting solutions, we are certain our market share will grow massively over the next 24 months.”
Further Investment if Required?
Many esports experts contend that one of the major factors in XB Systems rapid success has been the support of the Swiss-based firm Raptor Consulting GmbH. The Swiss company has been particularly productive in helping raise capital for the company over the last three years that has been one of the foundations of its success.
The success of XB Systems has seen the company consider offering shares in the company and joining the stock market with one of the most respected international finance companies, JP Capital Investments LTD, being brought on board as a partner. The clear intention of this move is for them to advise on the offering of shares to in the company in an initial public offering slated for later this year.
However, there is no news on what will happen to the former management of BUFF.bet and what their futures hold.