Esports Technologies posts $7.1m in revenue for Q1 FY 2022

Esports Technologies has published its first quarter fiscal year 2022 financial results, reporting $7.1m in revenue.

FinancialAbstract

For Q1, its gross profit amounted to $2.5m, while its cash position increased to $11.8m, up $2.8m from the previous fiscal year end.

The Nasdaq-listed, Las Vegas-based esports wagering business gained 1.25 million deposited customers after acquiring online sportsbook and casino brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and GenerationVIP.

Formerly owned by Aspire Global, these brands were brought under Esports Technologies’ umbrella when it acquired Aspire’s B2C business. As a result, Esports gained access to several regulated markets, including the UK, Germany, Denmark and Ireland.

“This quarter, we have made a big step towards our vision to be the leader in esports wagering,” commented Aaron Speach, Esports Technologies CEO.  

“The boost in revenue from our newly acquired brands is a great indication of future growth.

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

During the quarter, Esports Technologies invested in expansion initiatives for its casino, sportsbook and esports offerings into various international markets, including Asia, Latin America and Europe.

It also consolidated all of its brands on a single platform, which Esports believes will “enhance efficiency.” Consequently, the company reaffirmed its guidance of $70m for the remainder of FY 2022.

Esports Technologies added: “The company plans to continue to invest in new esports products and intellectual property.

“This includes the continued development of its odds-modelling 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.”

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