Esports Entertainment Group records 63% earnings growth amid New Jersey launch
The esports company has posted its earnings for the 2021 financial year.
Esports Entertainment Group has announced its results for the 2021 financial year. These include $16.8m in net revenue for the period.
Following an impressive IPO in 2020, the online betting and esports company has seen its stockholders’ equity make a 580% jump, rising from $11m to $75m.
Operating losses for EEG saw a dramatic increase, growing by over $22m from the previous year to $25m. Losses such as these are to be expected as a company grows, however.
“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.
A further highlight of these financial results is a quarterly revenue increase of 63% between Q3 and Q4. The esports group has also made a number of high-profile moves during the 2021 fiscal year, including the acquisitions of BetHard, ggCircuit, and Helix eSports.
2021 saw the company enter the country’s largest legal sports betting market in New Jersey, EEG was given the all-clear by the state’s Division of Gaming Enforcement in May. Outside of the US the company also began operations in Sweden and Spain.
“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,” continued Johnson.
“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.”
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