Esports betting company Esports Entertainment has posted revenue of $222,392 for the first quarter since its acquisition of Argyll Entertainment earlier this year.

According to the company’s financial report, operating expenses for the three months ending 30 September totalled $3.7m, a significant increase from $700,000 in Q1 2019. The company attributed this increase to “payroll, stock compensation, marketing, legal and professional services fees related to increased business activity.”

Net loss totalled $1.8m for the period, while the company’s total assets totalled $10.4m at the end of September.

The operator described an “uptick” in business during the month of October. Total handle was more than $16m for the month with revenue totalling more than $600,000 in the first month after Q1.

For the fiscal year 2021, Esports Entertainment has predicted revenue will total $13m. The company anticipates this will increase to $25m in the following fiscal year from its core Argyll and VIE platforms.

Commenting on the results, Grant Johnson, Esports Entertainment CEO, said: “We have achieved many significant milestones since uplisting to the NASDAQ in April.

“The COVID-19 pandemic has absolutely accelerated the rapid growth of esports leading to mainstream broadcasts to national TV audiences on ESPN and Fox.

“These trends helped us set new record audience viewing stats with our partner Allied Esports for the globally recognized Legend Series, just one of many accomplishments during the quarter.

“We believe the successes achieved this year provide an extremely strong foundation for long-term growth while offering investors a true pure play opportunity in the burgeoning world of global esports.”