Esports Technologies records quarterly revenue of $7 million

Leading global provider of advanced esports wagering products and technology, Esports Technologies, has announced its financial results for the first quarter of its 2022 fiscal year, which covered the final three months of the calendar year 2021.

The results show an impressive $7.1 million (€6.2 million) in revenue, and a gross profit of approximately $2.5 million (€2.2 million), with "all of it coming in the month of December."

During the quarter, the company increased its cash position to $11.8 million (€10.36 million), up $2.8 million (€2.46 million) from the previous fiscal year end.

The company also reaffirmed its guidance of $70 million (€61.44 million) in revenue for the remainder of its current fiscal year (stretching till the end of September), which will include 10 months of reporting since the acquisition of the online sportsbook and casino brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP.

Esports Technologies says it has taken "significant strides" in achieving its vision of being the leader in esports wagering and technology, gaining 1.25 million deposited customers from the acquisition that resulted in access to Tier 1 regulated markets including the United Kingdom, Germany, Denmark, and Ireland.

"This provides EBET the ability to continue to grow the number and size of wagers across all brands."

During the quarter, the company invested in the expansion to additional markets for its casino, sportsbook, and esports offerings, including Asia, Latin America, and Europe. It has consolidated all of its brands onto a single platform, which is expected to enhance efficiency as it launches in new markets.

The company plans to continue to invest in new esports products and intellectual property. This includes the continued development of its odds-modeling technology to provide improved odds and more betting options to players, as well as its patent-pending browser extension that will allow live wagering within any streaming environment.

“This quarter, we have made a big step towards our vision to be the leader in esports wagering. The boost in revenue from our newly acquired brands is a great indication of future growth,” commented Aaron Speach, chief executive officer of Esports Technologies.

“With this business, and our other avenues for growth, we are strongly positioned to capitalise on the heightened popularity and interest in esports.”