This impressive revenue growth was driven by the acquisition of several new brands, previously the B2C assets of Aspire Global, in November 2021: Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP.
By acquiring these brands, EBet obtained 1.25 million deposited customers, spurring on its recent revenue growth.
In addition to increasing its revenue by a considerable margin, EBet also grew its gross profit. This latter figure amounted to $7m, up 180% from $2.5m on a quarter-over-quarter basis.
However, EBet’s cash position diminished. For Q1, the company had almost $12m in cash, but this has since decreased to $7.1m.
Looking forward, EBet intends to focus on younger demographics, namely Gen Z and Millennials, to grow its esports, iGaming and sportsbook brands.
To this end, EBet plans to roll out its esports odds modelling and wagering product across “high-value” European markets, alongside expanding its geographical footprint and investment in intellectual property.
“We are very pleased with our business results for the second quarter, and it is a testament to our focus on creating the best experience for the Gen Z and Millennial wagering market,” commented Aaron Speach, EBet’s CEO.
“We are delighted to see the strong customer response to our brands and the progress we are making in launching products and investing in proprietary technology.”
These results come after a rebrand last week that saw Esports Technologies become EBet. This rebrand was intended to better reflect its ambition to target Gen Z and Millennials.