Esports Technologies, Inc, a provider of advanced esports wagering products and technology, announced revenue for the quarter ended December 31, 2021 of approximately $7.1 million and a gross profit of approximately $2.5 million, with substantially all of it coming in the month of December.
During the quarter, EBET increased its cash position to $11.8 million, up $2.8 million from the previous fiscal year end. The company also reaffirmed its guidance of $70 million in revenue for the remainder of fiscal year 2022, 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 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. Esports Technologies has consolidated all of its brands onto a single platform, which will 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 capitalize on the heightened popularity and interest in esports.”