Jon Najarian, co-founder of Market Rebellion and TradeMonster, has joined EBET (formerly Esports Technologies) as an adviser to the business.
A former linebacker for the Chicago Bears, Najarian now holds decades of experience in the securities and futures markets, after becoming a trader on the Chicago Board Options Exchange following his NFL career.
Having also held a 25-year career as a floor trader on the New York Stock Exchange and derivatives marketplace CME, he co-founded MarketRebellion.com, a service which provides education, analysis and tools for trading options and securities.
Najarian is also a contributor on CNBC’s investment-focused Halftime Report.
Further back in his career, Najarian also co-founded online brokerage firm TradeMonster in 2005, before the business was subsequently sold to E*TRADE Financial Corp for $750m in 2016. Najarian remains an active investor and market analyst.
“EBET is an exciting company with a solid strategy, field-tested products in the wagering space and a management team that can drive the business into a new era,” Najarian commented.
EBET CEO Aaron Speach: “We are delighted to welcome Jon Najarian as an adviser. His vast experience will undoubtedly provide EBET with strategic insight that will help shape the direction and further success of the company.”
“Their geographic reach, expansion plans and customer base, I believe, will help them carve out a leadership position within the industry. I am thrilled to be joining and contributing my experience to accelerate the growth of EBET, helping it realise its enormous potential.”
Aaron Speach, CEO of EBET, added, “We are delighted to welcome Jon Najarian as an adviser. His vast experience will undoubtedly provide EBET with strategic insight that will help shape the direction and further success of the company.”
Last week, EBET revealed a new restructure and profitability plan aimed at reaching a positive EBITDA run rate beginning this month.
A series of cost-cutting exercises designed to serve that goal have now started to be implemented.
Measures include reducing the firm’s number of staff and contractors by 54%, drastic cuts to UK marketing activity and crucially, eschewing esports – once a flagship vertical for the firm – to concentrate on its higher margin online casino operations.
Despite the strategic pivot, Speach said EBET still believes in esports and will look to grow its Gogawi brand globally, but only once the esports market has matured and its audience moves into different wage bracket with higher spend on betting.