Esports Entertainment Group (EEG) has posted $16.8m in net revenue for the 2021 fiscal year, with its fourth quarter earnings up 63% over Q3.

The esports and online gambling company has built on a “formidable foundation” following a strong IPO in 2020 to increase its stockholders equity from $11m to $75m, an over 580% bump.

This shouldn’t come as a surprise since it has been a busy year for the group, completing several acquisitions, including the purchase of big-name brands like BetHard, Helix eSports and ggCircuit.

EEG also broke into major domestic markets, such as New Jersey, being given the go-ahead from the State’s Division of Gaming Enforcement in May, as well as expanding its international footprint by adding Swedish and Spanish gaming licences.

On the back of these developments, the group has adjusted its expectations for the 2022 fiscal year, from $100m in net revenue to $105m.

“Based on a new record single-day performance of our iGaming division in late September, I am extremely confident in our ability to hit our guidance target,” said Grant Johnson, EEG’s CEO.

“The partnerships we have formed, from top professional sports teams to industry-leading esports and gaming companies, clearly demonstrate the strength of our expansive product and service portfolio.

“I believe our future is very bright as we continue to execute on our rapid expansion strategy driven by the solidification of our market position and the ongoing growth of our unique assets.”

Though not everything is sunshine and roses for the company, as its operating losses rose to over $25m, up by almost $22m from the previous fiscal year.

In addition, its expenses rose across the board, with its sales and marketing expenses jumping to $10m from $300,000, while its general and administrative expenses climbed to over $24m for an almost $4m increase.

However, these extra costs are to be expected as the company matures and expands, especially at such a rapid rate as EEG is doing.